Bank of Greece: Tourism revenue declines by 6.4% during 2016

The balance of travel services in Greece during 2016 showed a surplus of 11,210 million euros, down 7.3% from a surplus of 12,088 million euros in 2015, due to a decrease of 906 million euros or 6.4% in travel receipts.

The drop in travel receipts resulted from an 11.3 percent decline in average expenditure per trip, as inbound traveller flows grew by 5.1%. 

Based on provisional data by the Bank of Greece, the balance of travel services showed a surplus of €55 million in December 2016, compared with a surplus of €5 million in December 2015. More specifically, travel receipts in December 2016 rose to €193 million (up 4.7% from €184 million in December 2015), whereas travel payments fell by 22.9% (December 2016: €139 million, December 2015: €180 million). The rise in travel receipts resulted from a 15.6% increase in inbound traveller flows, as average expenditure per trip fell by 9.4%. Net receipts from travel services offset 3.6% of the goods deficit and accounted for 10.0% of total net receipts from services. 

In 2016, the balance of travel services showed a surplus of €11,210 million, down 7.3% from a surplus of €12,088 million in 2015. This development was due to a decrease of €906 million or 6.4% in travel receipts, as travel payments dropped by €28 million or 1.4%. The fall in travel receipts resulted from an 11.3% decline in average expenditure per trip, as inbound traveller flows rose by 5.1%. Net receipts from travel services offset 67.6% of the goods deficit and accounted for 73.2% of total net receipts from services. 

Travel receipts 

In December 2016, as mentioned previously, travel receipts rose by 4.7% year-on-year. Looking at the breakdown by visitor’s country of origin, receipts from residents of the EU28 increased by 32.2% (December 2016: €107 million, December 2015: €81 million), while receipts from outside the EU28 dropped by 17.3% (December 2016: €84 million, December 2015: €101 million). The rise in receipts from within the EU28 was due to a 22.1% increase in receipts from euro area residents to €67 million in December 2016, from €55 million in December 2015, as well as to a 53.4% rise in receipts from residents of non-euro area EU28 countries. Among major countries of origin, receipts from Germany fell by 3.8% to €17 million and those from France dropped by 18.2% to €4 million. Receipts from the United Kingdom increased by 33.4% to €18 million. Turning to non-EU28 countries, receipts from Russia fell by 4.8% to €5 million, while receipts from the United States increased by 78.8% to €16 million. 

In 2016, travel receipts fell by 6.4%, compared with the previous year, to €13,220 million. This development is attributed to lower receipts from both within the EU28 (down 3.0% to €9,123 million) and outside the EU28 (down 15.0% to €3,633 million). In particular, receipts from euro area residents fell by 6.9% to €5,596 million, while those from residents of non-euro area EU28 countries rose by 3.9% to €3,527 million. Specifically, receipts from Germany dropped by 4.1% to €2,152 million and those from France by 25.1% to €894 million. Receipts from the United Kingdom also decreased, by 2.9% to €1,961 million. Turning to non-EU28 countries, receipts from Russia rose by 3.4% to €436 million, while those from the United States fell by 22.8% to €728 million. 

Inbound traveller flows 

The number of inbound visitors in December 2016 rose by 15.6% year-on-year to 564 thousand. Specifically, visitor flows through airports increased by 34.4% and those through road border-crossing points by 2.6%. This development is attributed to higher visitor flows from within the EU28 (up 65.4%), as those from outside the EU28 fell by 19.6%. In greater detail, visitors from the euro area rose by 43.8% to 151 thousand and those from the non-euro area EU28 countries increased by 89.0% (December 2016: 183 thousand, December 2015: 97 thousand). Specifically, visitors from Germany increased by 29.4% to 39 thousand, while those from France fell by 33.6% to 9 thousand. Visitors from the United Kingdom rose by 32.6% to 36 thousand. Turning to non-EU28 countries, visitors from Russia rose by 21.9% to 11 thousand, while visitors from the United States rose by 19.9% to 23 thousand. 

The number of inbound visitors in 2016 increased by 5.1% to 24,799 thousand (2015: 23,600 thousand). Specifically, visitor flows through airports increased by 9.0%, while those through road border-crossing points fell by 4.7%. In 2016, visitors from within the EU28 increased by 15.0%, compared with the previous year, to 17,217 thousand, whereas those from outside the EU28 fell by 12.1% to 7,583 thousand. Visitors from the euro area rose by 9.1% and those from the non-euro area EU28 countries by 22.1%. Specifically, visitors from Germany rose by 11.7% to 3,139 thousand, while those from France fell by 13.7% to 1,314 thousand. Visitors from the United Kingdom rose by 20.8% to 2,895 thousand. Finally, turning to non-EU28 countries, visitors from Russia increased by 16.1% to 596 thousand and those from the United States by 3.8% to 779 thousand. 

Related link: Developments in the balance of travel services: December 2016 - Table

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