Tourism revenue: Decline of 86.1% in the first quarter of 2021

Restriction measures to prevent the spread of the coronavirus eliminated tourism revenue in the first quarter of the year.

According to the provisional data of the Bank of Greece, in the period January-March 2021, travel receipts decreased by 86.1% compared to the corresponding period of 2020 and amounted to 83 million euros.

This development is due to the reduction of proceeds from residents of EU-27 countries by 82.0%, which amounted to 42 million euros, as well as receipts from residents of non-EU-27 countries by 88.6% in EUR 41 million.

The decrease in travel receipts is due to the decrease in incoming traveler traffic by 75.9%, although the average expenditure per trip increased by 55.7%. Net receipts from travel services offset the deficit by 0.4% and contributed 3.3% to total net receipts from services.

In March in particular, travel receipts recorded a decrease of 63.0% and amounted to 34 million euros, compared to 92 million euros in the corresponding month of 2020, while a decrease of 58.2% was also observed in travel payments (March 2021: 25 million, March 2020: EUR 59 million).

More specifically, receipts from residents of EU-27 countries decreased by 66.1%, amounting to 15 million euros, while receipts from residents of non-EU-27 countries decreased by 59.0% (March 2021 : EUR 19 million, March 2020: EUR 46 million).

The decrease in receipts from residents of EU-27 countries was a result of a 59.5% drop in receipts from residents of euro area countries (March 2021: € 12 million, March 2020: € 30 million), but and receipts from residents of EU-27 countries outside the euro area by 80.3%, which amounted to 3 million euros. In particular, for the most important countries in terms of traveler origin, receipts from Germany decreased by 31.2% to 4 million euros, as well as those from France by 76.1% to 1 million euros.

Outside the EU-27, receipts from the United Kingdom fell by 58.9% to € 2 million, while receipts from the United States fell by 90.6% to € 1 million. euro. Receipts from Russia also fell by 98.3% to below € 1 million.

Travel balance

The travel balance in March 2021 showed a surplus of 9 million euros, compared to a surplus of 33 million euros in the corresponding month of 2020.

In the period January-March 2021, the travel balance showed a surplus of 19 million euros, compared to a surplus of 201 million euros in the corresponding period of 2020. A decrease of 511 million euros (-86.1%) was presented by travel receipts, which were formed to € 83 million, while a decrease of € 329 million (-83.8%) was also observed in travel payments, which amounted to € 64 million.

The decrease in travel receipts is due to the decrease in incoming traveler traffic by 85.2%, as well as the decrease in the average expenditure per trip by 5.6%. Net receipts from travel services offset the deficit by 0.4% and contributed 2.4% to total net receipts from services.

Incoming travel traffic

Incoming traveler traffic in March 2021 amounted to 99 thousand travelers, reduced by 75.9% compared to the corresponding month of 2020. In particular, traveler traffic through airports decreased by 77.7%, while that through road stations by 80.8%. The decrease in incoming traveler traffic was a result of the decrease in traveler traffic from EU-27 countries by 76.1% and traveler traffic from non-EU-27 countries by 75.7%.

More specifically, traveler traffic from the euro area countries amounted to 31 thousand travelers, showing a decrease of 64.0%, while a decrease of 82.7% was also shown by the traveler traffic from the EU-27 countries outside the euro area (March 2021: 27 thousand travelers, March 2020: 157 thousand travelers). In particular, traveler traffic from Germany decreased by 49.2% and amounted to 10 thousand travelers, while traveler traffic from France decreased by 78.7% and amounted to 3 thousand travelers. For non-EU-27 countries, travel from the United Kingdom fell by 62.7% to 6,000 travelers, while travel from the United States fell by 94.2% to 1,000. Traffic from Russia also decreased by 97.8% and amounted to less than a thousand travelers.

In the period January-March 2021, the incoming traveler traffic decreased by 85.2% and amounted to 271 thousand travelers, compared to 1,828 thousand travelers in the corresponding period of 2020. In particular, traveler traffic through airports decreased by 87.9%, as well as through road stations by 85.8%. During the period under review, traveler traffic from EU-27 countries amounted to 159 thousand travelers, showing a decrease of 82.3% compared to the corresponding period of 2020.

Traffic from countries outside the EU-27 also decreased by 87.9% and amounted to 112 thousand travelers. Traveler traffic from euro area countries decreased by 80.6%, as well as traveler traffic from EU-27 countries outside the euro area by 84.3%. In particular, traveler traffic from Germany decreased by 72.0% to 37 thousand travelers, as well as from France by 74.9% to 9 thousand travelers. Regarding non-EU-27 countries, travel from the United Kingdom fell by 87.0% to 15,000 travelers, and from the United States by 97.1% to 3,000 travelers. Finally, travel traffic from Russia also decreased by 97.4% and amounted to less than a thousand travelers.