Bank of Greece – Evolution of the balance of travel services: September 2022

The balance of travel services shows a surplus of €2,669.4 million in September 2022 and a surplus of €14,128.2 million in January-September 2022.

In 2019, the last year before the pandemic, the balance of travel services had posted a surplus of €2,672.3 million in September and a surplus of €14,094.6 million in January-September 2019.

Travel receipts increased by 35.1% year-on-year in September 2022 and 78.3% in January-September 2022.

Compared to the respective periods of 2019, travel receipts decreased by 1.1% in September 2022 and 3.1% in January-September 2022.

Inbound passenger flows increased by 52.3% in September 2022 and 103.9% in January-September 2022 compared to the same periods of 2021.

Compared to the respective periods of 2019, incoming traveler flows decreased by 10.8% in September 2022 and 12.1% in January-September 2022.

Travel services balance

Based on provisional data, the balance of travel services in September 2022 posted a surplus of €2,669.4 millionfrom an excess of €1,983.0 million in September 2021. Specifically, travel receipts in September 2022 increased by 35.1% for €2,855.4 millionof €2,113.2 million in September 2021while travel payments also increased by 42.8% (September 2022: €185.9 million, September 2021: €130.2 million). The increase in travel revenue was driven by a 52.3% increase in inbound traveler flows, with average spend per trip down 11.3%. Net receipts from travel services offset 72.0% of the goods deficit and contribute 90.3% to total net receipts from services.

In January-September 2022the travel services balance posted a surplus of €14,128.2 millionfrom an excess of €8,029.1 million the same period of 2021. Travel receipts increased by €6,853.0 millioni.e. 78.3%, at €15,604.4 millionwhile travel payments increased by €754.0 millioni.e. 104.4%, at €1,476.2 million. The increase in travel revenue was driven by a 103.9% increase in inbound traveler flows, as average spend per trip fell 13.1%. Net receipts from travel services offset 50.2% of the goods deficit and contribute 82.3% to the total net receipts from services.

Travel receipts

In September 2022, as mentioned earlier, travel revenue grew 35.1% year-on-year. In more detail, the receipts of residents of EU27 countries increased by 19.4% to €1,553.9 millionwhile receipts from outside the EU27 increased by 61.3% (September 2022: €1,245.5 million, September 2021: €772.2 million). The rise in receipts from within the EU27 is attributed to a 14.0% increase in receipts from residents of the euro area (September 2022: €1,219.4 million, September 2021: €1,069.5 million) and in the receipts of residents of EU27 countries outside the euro area from 44.1% to €334.5 million.

More specifically, among the main source countries in the euro area, receipts Germany decreased by 2.1% to €518.0 millionwhile the revenue from France increased by 4.0% to €170.9 million. With regard to countries outside the EU27, the receipts of UK increased by 57.9% for €589.8 million and receipts from United States increased by 40.0% to €200.3 million. Recipes from Russia decreased by 20.1% to €10.5 million.

In January-September 2022travel receipts totaled €15,604.4 millionup by 78.3% compared to the same period of 2021. This development is due to the rise in receipts of EU27 residents from 54.6% to €8,999.9 million and in the receipts of residents outside the EU27 from 124.0% to €6,300.6 million. More specifically, the receipts of euro area residents increased by 52.0% to reach €7,093.8 millionwhile the receipts of residents of non-euro area EU27 countries increased by 65.3% to reach €1,906.1 million.

In particular, revenue from Germany increased by 47.8% to €2,748.0 millionas well as receipts from Francefrom 31.1% to €1,171.9 million. With regard to countries outside the EU27, the receipts of UK increased by 137.5% for €2,871.6 million. Recipes from United States also increased by 94.5% for €923.6 millionwhile the revenue from Russia fell 54.8% to €31.3 million.

Flow of incoming travelers

The number of inbound travelers in September 2022 increased by 52.3% year-on-year to reach 4,560.3,000. Specifically, passenger flows through airports increased by 41.6% compared to the same month of the previous year, while flows travelers through road border crossing points increased by 118.4%. This overall increase is due to increased flows of travelers from both the EU27 (up 38.3%) and outside the EU27 (up 81.7%). Specifically, travelers from inside the euro area increased by 21.6% to 1,834.6 thousand, while travelers from non-euro area EU27 countries increased by 86.4 % to 978.4 thousand.

More specifically, the number of travelers from Germany increased by 7.0% to 726.9 thousand, while the number of travelers from France amounted to 231.3 thousand, almost unchanged from September 2021. For non-EU27 countries, the number of travelers from UK increased by 87.0% to 844.9 thousand, while the number of travelers from United States increased by 121.2% to 188.7 thousand. The number of travelers from Russia decreased by 65.1% to 4.4 thousand.

In January-September 2022the number of inbound travelers increased by 103.9% to 23,686.7 thousand (January-September 2021: 11,619.4 thousand). Specifically, passenger flows through airports increased by 98.6%, while passenger flows through road border crossing points increased by 135.5%. During the period under review, the number of travelers from the EU27 rose by 79.0% year-on-year to 14,741.7 thousand, while the number of travelers from outside the EU27 increased by 164.3% to reach 8,945.0 thousand. Travelers from the euro area increased by 71.3%, as did travelers from non-euro area EU27 countries by 97.1%.

More specifically, the number of travelers from Germany increased by 63.5% to 3,619.7 thousand, as did the number of travelers from France, from 53.6% to 1,545.6 thousand. For non-EU27 countries, the number of travelers from UK increased by 227.9% to 3,852.6 thousand, while the number of travelers from United States also increased by 182.6% to 835.9 thousand. The number of travelers from Russia fell by 53.1% to 31.3 thousand.

Comparison with 2019, the last year before the pandemic

Compared to September 2019travel receipts decreased by 1.1%, average expenditure per trip increased by 11.3% and inbound traveler flows fell by 10.8% in September 2022.

Compared to January-September 2019travel receipts fell by 3.1%, as did incoming traveler flows by 12.1% while average expenditure per trip increased by 10.7% in January-September 2022.

Remarks:

1.	Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.
2.	The tables accompanying this Press Release also include percentage changes relative to the respective periods of 2019, the last year before the pandemic, in order to enable a better understanding of developments in the balance of travel services.

Related information:

The next press release on the “evolution of the balance of travel services” for October 2022 will be published on December 22, 2022in accordance with the anticipated release schedule posted on the Bank of Greece website.