Balance of travel services in Greece: Arrivals grow but spending drops in Q1

Based on provisional data by the Bank of Greece, the balance of travel services in April 2018 showed a surplus of €190 million, compared with a surplus of €267 million in April 2017. More specifically, travel receipts in April 2018 rose to €490 million (up 1.0%, from €485 million in April 2017), but were partly offset by travel payments, which rose to €300 million in April 2018 (up 37.8%, from €218 million in April 2017). The rise in travel receipts was due to a 9.6% increase in inbound traveller flows, as average expenditure per trip fell by €33 or 7.3%. Net receipts from travel services offset 11.3% of the goods deficit and accounted for 37.6% of total net receipts from services.

In January-April 2018, the balance of travel services showed a surplus of €276 million, down from a surplus of €354 million in the same period of 2017. This development is attributed to the smaller increase in travel receipts (up €73 million or 7.4%) than in travel payments (up €150 million or 24.2%). The rise in travel receipts reflected an 11.5% increase in inbound traveller flows, as average expenditure per trip fell by €11 or 3.1%. Net receipts from travel services offset 4.2% of the goods deficit and accounted for 20.4% of total net receipts from services. 

Travel receipts

In April 2018, as mentioned previously, travel receipts rose by 1.0% year-on-year. In more detail, receipts from residents of the EU28 remained unchanged from April 2017 at €292 million, while receipts from outside the EU28 increased by 4.4% (April 2018: €171 million, April 2017: €163 million). In particular, receipts from euro area residents fell by 5.5% to €199 million in April 2018, from €211 million in April 2017, whereas receipts from residents of non-euro area EU28 countries increased by 14.4% to €93 million. Among major countries of origin, receipts from Germany rose by 15.9% to €76 million, whereas receipts from France fell by 24.7% to €42 million. Receipts from the United Kingdom decreased by 5.8% to €46 million. Turning to non-EU28 countries, receipts from Russia fell by 2.3% to €8 million, whereas receipts from the United States rose by 47.8% to €39 million.

In January-April 2018, travel receipts increased by 7.4%, relative to the same period of 2017, to €1,047 million. This development is attributed to increases in receipts from within the EU28 by 9.0% to €610 million and in receipts from outside the EU28 by 6.7% to €403 million. In particular, receipts from euro area residents rose by 3.1% to €403 million, while receipts from residents of non-euro area EU28 countries also increased, by 22.8% to €207 million. Specifically, receipts from France fell by 17.5% to €58 million, whereas receipts from Germany rose by 20.4% to €148 million. Receipts from the United Kingdom increased by 6.7% to €88 million. Turning to non-EU28 countries, receipts from Russia decreased by 23.5% to €17 million, as did receipts from the United States, by 7.1% to €73 million. 

Inbound traveller flows 

The number of inbound visitors in April 2018 rose by 9.6% year-on-year to 1,107 thousand. Specifically, visitor flows through airports increased by 11.8%, as did visitor flows through road border-crossing points, by 8.0%. This development is attributed to higher visitor flows from within the EU28 (up 17.9%), as visitor flows from outside the EU28 declined by 3.4%. In greater detail, the number of visitors from within the euro area increased by 10.3% to 384 thousand, while visitors from the non-euro area EU28 countries also rose, by 27.6% (April 2018: 345 thousand, April 2017: 270 thousand). Specifically, the number of visitors from Germany increased by 53.4% to 141 thousand, while visitors from France fell by 32.4% to 61 thousand. Visitors from the United Kingdom increased by 0.9% to 82 thousand. Turning to non-EU28 countries, visitors from Russia rose by 3.2% to 14 thousand, as did visitors from the United States, by 41.4% to 50 thousand.

In January-April 2018, the number of inbound visitors rose by 11.5% year-on-year to 2,903 thousand (January-April 2017: 2,602 thousand). Specifically, visitor flows through airports increased by 10.1%, as did visitor flows through road border-crossing points, by 14.9%. In the period under review, the number of visitors from within the EU28 rose by 14.3% year-on-year to 1,799 thousand, as did the number of visitors from outside the EU28, by 7.3% to 1,104 thousand. Visitors from within the euro area rose by 13.4%, as did visitors from the non-euro area EU28 countries, by 15.3%. Specifically, the number of visitors from France decreased by 16.2% to 100 thousand, whereas the number of visitors from Germany increased by 36.7% to 337 thousand. Visitors from the United Kingdom rose by 6.2% to 183 thousand. Finally, turning to non-EU28 countries, the number of visitors from Russia fell by 22.6% to 30 thousand, whereas the number of visitors from the United States rose by 3.6% to 121 thousand.

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