Bank of Greece: Travel receipts soar by 68.5% during January - November 2022

Omonoia Square Athens Christmas 2022

Based on provisional data by the Bank of Greece, the balance of travel services in November 2022 showed a surplus of €180.0 million, up from a surplus of €154.8 million in November 2021. More specifically, in November 2022 travel receipts rose by 15.9% to €314.0 million, up from €271.0 million in November 2021, while travel payments also increased by 15.4% (November 2022: €134.0 million, November 2021: €116.2 million).

The rise in travel receipts was due to a 44.7% increase in inbound traveller flows, as average expenditure per trip declined by 21.8%. Net travel receipts offset 4.7% of the goods deficit and contributed 55.4% in total net services receipts.

In January-November 2022, the balance of travel services showed a surplus of €15,624.7 million, up from a surplus of €9,316.7 million in the corresponding period of 2021. Travel receipts rose by €7,067.6 million, or 68.5%, to €17,384.2 million, while travel payments also increased by €759.6 million, or 76.0%, to €1,759.5 million. The rise in travel receipts stemmed from a 90.3% increase in inbound traveller flows, as average expenditure per trip declined by 12.0%. Net travel receipts offset 43.4% of the goods deficit and contributed 82.0% to total net services receipts.

Travel receipts

In November 2022, as previously mentioned, travel receipts rose by 15.9% year-on-year. In more detail, receipts from residents of EU27 countries increased by 13.3% to €127.4 million, while receipts from outside the EU27 rose by 13.0% (November 2022: €162.2 million, November 2021: €143.5 million). The rise in receipts from within the EU27 is attributed to an increase of 167.5% in receipts from residents of non-euro area EU27 countries, which stood at €33.3 million, as receipts from euro area residents dropped by 5.9% (November 2022: €94.1 million, November 2021: €100,0 million).

More specifically, among major euro area countries of origin, receipts from Germany declined by 23.7% to €22.0 million, whereas receipts from France increased by 7.1% to €9.1 million. Turning to non-EU27 countries, receipts from the United Kingdom dropped by 32.0% to €21.6 million, while receipts from the United States rose by 87.5% to €38.1 million. Receipts from Russia decreased by 95.4% to €0.4 million.

In January-November 2022, travel receipts totalled €17,384.2 million, up by 68.5% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 47.4% to €9,889.6 million and in receipts from residents outside the EU27 by 106.5% to €7,093.1 million. In greater detail, receipts from euro-area residents rose by 45.4% to €7,945.9 million, while receipts from residents of non-euro area EU27 countries increased by 56.0% to €1,943.6 million.

Specifically, receipts from Germany rose by 41.2% to €3,233.3 million, as did receipts from France, by 28.5% to €1,261.1 million. Turning to non-EU27 countries, receipts from the United Kingdom increased by 115.9% to €3,101.4 million. Receipts from the United States also increased by 96.6% to €1,155.0 million, while receipts from Russia declined by 62.7% to €40.5 million.

Inbound traveller flows

The number of inbound travellers in November 2022 rose by 44.7% year-on-year to 812.4 thousand. Specifically, traveller flows through airports increased by 21.1% compared with November 2021, while traveller flows through road border-crossing points rose by 133.7%. This overall increase was due to higher traveller flows from both within the EU27 (up by 46.5%) and outside the EU27 (up by 42.8%). In greater detail, travellers from within the euro area rose by 8.6% to 247.6 thousand, while travellers from non-euro area EU27 countries also increased by 184.1% to 178.9 thousand.

Specifically, the number of travellers from Germany declined by 11.2% to 66.9 thousand, whereas the number of travellers from France rose by 58.1% to 28.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom decreased by 28.7% to 45.5 thousand, while the number of travellers from the United States increased by 300.5% to 67.5 thousand. The number of travellers from Russia fell by 95.8% to 0.7 thousand.

In January-November 2022, the number of inbound travellers rose by 90.3% to 27,255.4 thousand (January-November 2021: 14,324.4 thousand). Specifically, traveller flows through airports increased by 82.4%, while traveller flows through road border-crossing points rose by 135.7%. In the period under review, the number of travellers from within the EU27 rose by 68.3% year-on-year to 16,764.2 thousand, while travellers from outside the EU27 increased by 140.6% to 10,491.2 thousand. The number of travellers from within the euro area rose by 57.7%, as did travellers from non-euro area EU27 countries, by 96.2%.

Specifically, travellers from Germany increased by 45.6% to 4.307,7 thousand and those from France by 50.1% to 1,739.8 thousand. Turning to non-EU‑27 countries, the number of travellers from the United Kingdom rose by 185.2% to 4,416.3 thousand, as well as those from the United States by 173.3% to 1,043.2 thousand. The number of travellers from Russia dropped by 68.3% to 35.3 thousand.

Comparison with 2019, the last year before the pandemic

Compared with November 2019, travel receipts fell by 0.4%, average expenditure per trip increased by 15.6%, while inbound traveller flows dropped by 12.6% in November 2022.

Compared with January-November 2019, travel receipts fell by 2.8%, as did inbound traveller flows by 11.1%, in January-November 2022, although average expenditure per trip increased by 9.8%.