Change in the travel services balance: March 2022

23/05/2022 – Press releases

-The balance of travel services generated a surplus of €77.0 million in March 2022 and €200.8 million in
January-March 2022.
-Travel Receipts increased by 404.3% in March 2022 and by 342.2% in January-March 2022.
– Flow of incoming travelers increased by 318.9% in March 2022 and by 295.8% in January-March 2022.

Travel services balance
Based on provisional data, the balance of travel services in March 2022 recorded a surplus of €77.0 million, compared to a surplus of €8.3 million in March 2021. Specifically, travel receipts in March 2022 increased by 404.3% to reach 196.7 million, compared to €39.0 million in March 2021, while travel payments also increased by 289.1% (March 2022: €119.7 million, March 2021: €30.8 million) . The increase in travel revenue stems from a 318.9% increase in inbound traveler flows and a 17.4% increase in average spend per trip. Net receipts from travel services offset 3.0% of the goods deficit and contributed 18.1% to total net receipts from services.

In January-March 2022, the balance of travel services showed a surplus of 200.8 million euros, compared to a surplus of 15.3 million euros in the same period of 2021. 177.9 million or 195.6% to 268, 9 million euros. The increase in travel revenue is attributed to a 295.8% increase in inbound traveler flows, as well as a 10.3% increase in average spend per trip. Net receipts from travel services offset 2.3% of the goods deficit and contribute 18.5% to total net receipts from services.

Travel receipts
In March 2022, as mentioned earlier, travel revenue grew 404.3% year-over-year. Specifically, receipts from residents of EU27 countries increased by 249.9% to €84.8 million, while receipts from outside the EU27 increased by 624.4% ( March 2022: €107.0 million, March 2021: €14.8 million). The increase in receipts from within the EU27 is explained by the increase in receipts of euro area residents by 304.5% to €69.6 million (March 2021: €17.2 million). euros) and the receipts of residents of EU27 countries outside the euro area by 116.7% to 69.6 million euros. 15.3 million. Specifically, among the top eurozone source countries, receipts from Germany increased by 348.8% to €26.5 million and receipts from France increased by €714.5 million. % to 12.7 million euros. In non-EU27 countries, UK receipts increased by 723.4% to €17.6 million and US receipts increased by 1,955.5% to €19.7 million euros. Receipts from Russia also increased by 2,132.9% to €1.0 million.

In January-March 2022, travel receipts amounted to 469.7 million euros, up 342.2% compared to the same period of 2021. This change is driven by a 268.9% increase in receipts from residents of the region. EU27 to €237.4 million, and a 440.9% increase in receipts from non-EU27 residents to €226.3 million. Specifically, receipts of residents of the euro area increased by 288.1% to €185.0 million, while receipts of residents of non-euro area EU27 countries increased by 214.0% to 52.5 million euros. In particular, receipts from Germany increased by 279.2% to €66.1 million and receipts from France increased by 567.7% to €23.6 million. Turning to non-EU27 countries, UK receipts increased by 550.0% to 47.1 million euros, while US receipts increased by 2,093.2% to 34, 5 million euros. Receipts from Russia also rose sharply, to 5.8 million euros.

Flow of incoming travelers
The number of inbound travelers in March 2022 increased by 318.9% year-on-year to 414.3,000. Specifically, passenger flows through airports were up 561.5% year-on-year and passenger flows through Road border crossings increased by 194.2%. This overall increase is due to an increase in flows of travelers from both the EU27 (up 259.9%) and from outside the EU27 (up 401.6%). Specifically, the number of travelers from within the euro area increased by 399.5% to 152,700, while travelers from non-euro area EU27 countries increased by 102.7% to 55,000. Specifically, the number of travelers from Germany increased by 443.9% to 55.5 thousand and travelers from France increased by 802.6% to 27, 7 thousand. Looking at non-EU27 countries, the number of travelers from the UK increased by 500.8% to 35,200, while the number of travelers from the US increased by 1,371.7% to 20,900 and from Russia by 1,494.5% to 1,400.

In January-March 2022, the number of inbound travelers increased by 295.8% to 1,072.7 thousand (January-March 2021: 271.0 thousand). Specifically, passenger flows through airports increased by 475.5%, as did passenger flows through road border crossing points, by 192.1%. During the period under review, the number of travelers from the EU27 rose by 272.0% year-on-year to 592,300, while travelers from outside the EU27 increased by 329.5% to 480,400. The number of travelers from the euro area increased by 351.7% and travelers from non-euro area EU27 countries increased by 160, 0%. Specifically, travelers from Germany increased by 306.9% to 151,400 and travelers from France increased by 531.9% to 53,700. travelers from the United Kingdom increased by 504.9% to 91,600, while the number of travelers from the United States increased by 1,412.5% ​​to 37,700 and from Russia by 1,429.3% at 8600.

To note:
Inbound passenger flows exclude cruise passengers other than those recorded in the border survey.

Related information:
The next press release “Evolution of the balance of travel services” for April 2022 will be published on June 21, 2022, in accordance with the Early Release Schedulepublished on the Bank of Greece website.

Related link:
Detailed and definitive data on the balance of travel services are published in the travel servicessection of the Bank of Greece website.