Bank of Greece: Travel receipts soar by 92.1% in January-August 2022

Based on provisional data by the Bank of Greece, the balance of travel services in August 2022 showed a surplus of €3,828.3, up from a surplus of €3,018.6 million in August 2021. More specifically, travel receipts in August 2022 rose by 28.1% to €4,042.9 million, from €3,156.2 million in August 2021, while travel payments also increased by 56.0% (August 2022: €214.6 million, August 2021: €137.6 million). The rise in travel receipts was due to a 44.0% increase in inbound traveller flows, as average expenditure per trip declined by 11.2%. Net receipts from travel services accounted for 91.0% of total net receipts from services and more than offset (127.3%) the goods deficit.

In January-August 2022, the balance of travel services showed a surplus of €11,458.7 million, up from a surplus of €6,046.1 million, in the same period of 2021. Travel receipts rose by €6,110.9 million, or 92.1%, to €12,749.0 million, while travel payments increased by €698.2 million, or 117.9%, to €1,290.3 million. The rise in travel receipts stemmed from a 121.8% increase in inbound traveller flows, as average expenditure per trip fell by 14.1%. Net travel receipts offset 46.9% of the goods deficit and contributed 80.6% to total net receipts from services.

Travel receipts
In August 2022, as previously mentioned, travel receipts rose by 28.1% year-on-year. In more detail, receipts from residents of EU27 countries increased by 14.0% to €2,457.0 million, while receipts from outside the EU27 rose by 58.9% (August 2022: €1,523.8 million, August 2021: €959.1 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro-area residents by 8.8% (August 2022: €1,907.7 million, August 2021: €1,753.0 million) and in receipts from residents of non-euro area EU27 countries by 36.8% to €549.3 million.

More specifically, among major euro area countries of origin, receipts from Germany rose by 5.6% to €644.6 million, whereas receipts from France decreased by 2.3% to €369.3 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 59.5% to €800.3 million and receipts from the United States increased by 17.2% to €154.8 million. Receipts from Russia decreased by 83.4% to €3.5 million.

In January-August 2022, travel receipts totalled €12,749.0 million, up by 92.1% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 64.8% to €7,446.0 million and in receipts from residents outside the EU27 by 147.7% to €5,055.1 million. In greater detail, receipts from euro area residents rose by 63.3% to €5,874.3 million, while receipts from residents of non-euro area EU27 countries increased by 70.6% to €1,571.7 million.

In particular, receipts from Germany increased by 67.6% to €2,230.0 million and receipts from France increased by 37.2% to €1,001.0 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 173.1% to €2,281.8 million. Receipts from the United States increased by 118.1% to €723.3 million, whereas receipts from Russia fell by 63.0% to €20.8 million.

Inbound traveller flows
The number of inbound travellers in August 2022 rose by 44.0% year-on-year to 5,865.8 thousand. Specifically, traveller flows through airports increased by 32.2% compared with August 2021, as did traveller flows through road border-crossing points, by 95.6%. This overall increase was due to higher traveller flows from both within the EU27 (up by 30.7%) and outside the EU27 (up by 79.1%). In greater detail, the number of travellers from within the euro area rose by 17.1% to 2,458.9 thousand, while the number of travellers from non-euro area EU27 countries increased by 64.0% to 1,405.1 thousand.

Specifically, travellers from Germany increased by 12.9% to 827.1 thousand and travellers from France rose by 7.1% to 413.4 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 114.4% to 976.0 thousand, while the number of travellers from the United States increased by 77.2% to 133.3 thousand. The number of travellers from Russia decreased by 70.6% to 6.9 thousand.

In January-August 2022, the number of inbound travellers rose by 121.8% to 19,126.4 thousand (January-August 2021: 8,624.1 thousand). Specifically, traveller flows through airports increased by 120.3% and traveller flows through road border-crossing points increased by 139.6%. In the period under review, the number of travellers from within the EU27 rose by 92.4% year-on-year to 11,928.7 thousand, while the number of travellers from outside the EU27 increased by 197.1% to 7,197.8 thousand. Travellers from within the euro area rose by 88.9% and travellers from non-euro area EU27 countries increased by 100.0%.

Specifically, the number of travellers from Germany increased by 88.6% to 2,892.7 thousand, as did the number of travellers from France, by 69.7% to 1,314.3 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 316.0% to 3,007.7 thousand, while the number of travellers from the United States increased by 207.5% to 647.2 thousand. The number of travellers from Russia dropped by 50.3% to 26.9 thousand.

In comparison with 2019, the last year before the pandemic
Compared with August 2019, travel receipts fell by 1.5%, average expenditure per trip increased by 14.0% and inbound traveller flows decreased by 13.3% in August 2022.

Compared with January-August 2019, travel receipts fell by 3.6%, inbound traveller flows dropped by 12.4%, and the average expenditure per trip increased by 10.6% in January‑August 2022.

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