Greece saw a record 92.1% increase in travel receipts from January to August 2022 according to provisional data released by the Bank of Greece on Monday.
The balance of travel services in August 2022 showed a surplus of 3,828.3 million euros, up from a surplus of 3,018.6 million euros 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 traveler 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 the January-August period, 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 traveler 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.
In August 2022, 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). 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 the eight-month period from January to August, travel receipts totaled 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.
The number of inbound travelers in August rose by 44.0% year-on-year to 5,865.8 thousand.
Specifically, traveler flows through airports increased by 32.2% compared with August 2021, as did traveler flows through road border-crossing points, by 95.6%.
In the January-August period, the number of inbound travelers rose by 121.8% to 19,126.4 thousand (January-August 2021: 8,624.1 thousand).
Compared with August 2019, travel receipts fell by 1.5%, average expenditure per trip increased by 14.0% and inbound traveler flows decreased by 13.3% in August 2022.
Compared with January-August 2019, travel receipts fell by 3.6%, inbound traveler flows dropped by 12.4%, while average expenditure per trip increased by 10.6% in January‑August 2022.