Bank of Greece – Travel balance: Surplus in June at 2,416.1 million euros

According to provisional data, available to the Bank of Greece, the balance of travel services in June 2022 showed a surplus of €2,416.1 million, compared with a surplus of €705.5 million in June 2021. More specifically, travel receipts in June 2022 rose by 224.5% to €2,617.6 million, from €806.7 million in June 2021, while travel payments also increased by 99.1% (June 2022: €201.5 million, June 2021: €101.2 million). The rise in travel receipts was due to a 241.5% increase in inbound traveler flows, as average expenditure per trip declined by 5.7%. Net travel receipts offset 81.9% of the goods deficit and contributed 88.0% to total net receipts from services.

In January-June 2022, the balance of travel services showed a surplus of €4,191.9 million, up from a surplus of €868.6 million in the corresponding period of 2021. Travel receipts rose by €3,932.3 million or 329.3% to €5,126.3 million, while travel payments increased by €609.0 million or 187.2% to €934.4 million. The rise in travel receipts was due to a 360.8% increase in inbound traveller flows, as average expenditure per trip declined by 7.9%. Net travel receipts offset 23.4% of the goods deficit and contributed 67.6% to total net receipts from services.

Travel receipts

In June 2022, as mentioned previously, travel receipts rose by 224.5% year-on-year. In more detail, receipts from residents of EU27 countries increased by 179.5% to €1,566.4 million, while receipts from outside the EU27 rose by 321.8% (June 2022: €1,001.7 million, June 2021: 237.5 million). The rise in receipts from within the EU27 is attributed to increases of 184.9% in receipts from euro area residents (June 2022: €1,239.7 million, June 2021: €435.2 million) and of 160.8% in receipts from residents of non-euro area EU27 countries to €326.7 million.

More specifically, among major euro area countries of origin, receipts from Germany rose by 169.0% to €577.8 million and receipts from France increased by 116.2% to €157.4 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 633.2% to €427.4 million and receipts from the United States increased by 219.3% to €157.1 million. Receipts from Russia also increased, by 38.1% to €6.0 million.

In January-June 2022, travel receipts totaled €5,126.3 million, up by 329.3% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 263.7% to €2,980.9 million and in receipts from residents outside the EU27 by 462.4% to €2,029.0 million. In greater detail, receipts from euro area residents rose by 281.3% to €2,476.7 million, while receipts from residents of non-euro area EU27 countries increased by 196.3% to €504.2 million.

In particular, receipts from Germany increased by 264.6% to €1,086.1 million and receipts from France increased by 247.9% to €378.8 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 873.6% to €792.7 million, while receipts from the United States increased by 450.1% to €336.7 million. Receipts from Russia also increased, by 115.7% to €13.9 million.

Inbound traveler flows

The number of inbound travelers in June 2022 rose by 241.5% year-on-year to 3,649.4 thousand. Specifically, traveler flows through airports increased by 262.1% compared with June 2021, as did traveler flows through road border-crossing points, by 187.0%. This overall increase was due to higher traveler flows from both within the EU27 (up by 199.7%) and outside the EU27 (up by 342.4%). In greater detail, the number of travelers from within the euro area rose by 211.2% to 1,596.0 thousand, while travelers from non-euro area EU27 countries increased by 175.3% to 668.9 thousand.

Specifically, the number of travelers from Germany increased by 188.7% to 684.1 thousand and travelers from France increased by 166.7% to 225.4 thousand. Turning to non-EU27 countries, the number of travelers from the United Kingdom rose by 891.7% to 592.4 thousand, while the number of travelers from the United States increased by 391.8% to 150.7 thousand. The number of travelers from Russia also increased, by 58.9% to 4.4 thousand.

In January-June 2022, the number of inbound travelers rose by 360.8% to 7,983.3 thousand (January-June 2021: 1,732.5 thousand). Specifically, traveler flows through airports increased by 428.9%, as did traveler flows through road border-crossing points, by 247.9%. In the period under review, the number of travelers from within the EU27 rose by 305.2% year-on-year to 4,792.6 thousand, while travelers from outside the EU27 increased by 480.3% to 3,190.8 thousand. The number of travelers from within the euro area rose by 345.3% and the number of travelers from non-euro area EU27 countries increased by 221.6%.

Specifically, travelers from Germany increased by 316.4% to 1,422.5 thousand and travelers from France increased by 315.4% to 530.4 thousand. Turning to non-EU27 countries, the number of travelers from the United Kingdom rose by 1,251.9% to 1,218.1 thousand, while the number of travelers from the United States also increased by 745.9% to 324.8 thousand and from Russia by 318.4% to 16.0 thousand.

Comparison with 2019, the last year before the pandemic

In June 2022, compared with June 2019, travel receipts rose by 2.3%, average expenditure per trip increased by 15.9%, while inbound traveller flows decreased by 11.0%.

In January-June 2022, compared with January-June 2019, travel receipts fell by 5.3%, inbound traveler flows dropped by 15.1%, while average expenditure per trip increased by 12.6%.