Evolution of the travel services balance: June 2022

22/08/2022 – Press releases

  • The balance of travel services recorded a surplus of €2,416.1 million in June 2022 and a surplus of €4,191.9 million in January-June 2022.

  • In 2019the last year before the pandemic, the balance of travel services had posted a surplus of €2,362.9m in June and a surplus of €4,077.1m in January-June 2019.

  • Travel receipts were 224.5% higher in June 2022 and 329.3% higher in January-June 2022 compared to the corresponding periods of 2021.
  • Compared to the respective periods of 2019travel receipts increased by 2.3% for June 2022 and decreased by 5.3% for January-June 2022.

  • Flow of incoming travelers increased by 241.5% in June 2022 and by 360.8% in January-June 2022 compared to the same periods of 2021.
  • Compared to the respective periods of 2019incoming passenger flows decreased by 11.0% in June 2022 and by 15.1% in January-June 2022.

Travel services balance

Based on provisional data, the balance of travel services in June 2022 shows a surplus of €2,416.1 million, compared to a surplus of €705.5 million in June 2021. More specifically, travel receipts in June 2022 increased by 224.5% to €2,617.6 million, compared to €806 €.7m in June 2021, while travel payments also increased by 99.1% (June 2022: €201.5m, June 2021: €101.2m). The rise in travel revenue was driven by a 241.5% increase in inbound traveler flows, with average spend per trip down 5.7%. Net travel receipts offset 81.9% of the goods deficit and contribute 88.0% to total net services receipts.

In January-June 2022, the balance of travel services showed a surplus of 4,191.9 million euros, compared to a surplus of 868.6 million euros in the corresponding period of 2021. 609.0 million or 187.2% to 934.4 million euros. The increase in travel revenue was driven by a 360.8% increase in inbound traveler flows, with average spend per trip down 7.9%. Net travel receipts offset 23.4% of the goods deficit and contribute 67.6% to total net service receipts.

Travel receipts

In June 2022, as mentioned earlier, travel revenue grew 224.5% year-over-year. Specifically, receipts from residents of EU27 countries increased by 179.5% to €1,566.4 million, while receipts from outside the EU27 increased 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 euros) and 160.8% of receipts from residents of EU27 non-euro area countries to 326.7 million euros.

Specifically, among the top eurozone source countries, receipts from Germany increased by 169.0% to €577.8 million and receipts from France increased by 116.2 % to 157.4 million euros. In non-EU27 countries, UK receipts increased by 633.2% to €427.4 million and US receipts increased by 219.3% to €157.1 million. euros. Receipts from Russia also increased by 38.1% to 6.0 million euros.

In January-June 2022, travel receipts amounted to EUR 5,126.3 million, up 329.3% compared to the same period of 2021. This development is due to the increase in receipts of EU27 residents by 263 .7% to 2,980.9 million euros and receipts of non-EU27 residents by 462.4% to 2,029.0 million euros. Specifically, receipts for residents of the euro area increased by 281.3% to €2,476.7 million, while receipts for residents of non-euro area EU27 countries increased by 196.3% to 504.2 million euros.

In particular, revenue from Germany increased by 264.6% to €1,086.1 million and revenue from France increased by 247.9% to €378.8 million. Looking at non-EU27 countries, UK receipts increased by 873.6% to €792.7 million, while US receipts increased by 450.1% to €336.7 millions of euros. Receipts from Russia also increased by 115.7% to €13.9 million.

Flow of incoming travelers

The number of inbound travelers in June 2022 increased by 241.5% year-on-year to reach 3,649.4,000. Specifically, passenger flows through airports increased by 262.1% compared to June 2021, as did passenger flows through points of road border crossings, by 187.0%. This overall increase is due to the increase in passenger flows both within the EU27 (up 199.7%) and outside the EU27 (up 342.4%). Specifically, the number of travelers from inside the euro area increased 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 684,100 and travelers from France increased by 166.7% to 225,400. The number of travelers from the United Kingdom increased by 891.7% to 592,400, while the number of travelers from the United States increased by 391.8% to 150,700. The number of travelers from Russia also rose 58.9% to 4,400.

In January-June 2022, the number of inbound travelers increased by 360.8% to 7,983.3 thousand (January-June 2021: 1,732.5 thousand). Specifically, passenger flows through airports increased by 428.9%, as did passenger flows through road border crossing points, by 247.9%. During the period under review, the number of travelers from the EU27 increased by 305.2% year-on-year to 4,792.6,000, while travelers from outside the EU27 increased by 480.3% to 3,190.8,000. The number of travelers from the euro area increased by 345.3% and the number of travelers from non-EU27 countries the euro zone 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. With regard to non-EU27 countries, the number of travelers from the United Kingdom increased 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 318.4% to 16.0 thousand.

Comparison with 2019, the last year before the pandemic

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

In January-June 2022, compared to January-June 2019, travel receipts fell by 5.3%, incoming traveler flows fell by 15.1%, while average expenditure per trip increased by 12, 6%.

Remarks:

  1. Inbound passenger flows exclude cruise passengers other than those recorded in the border survey.

  2. The tables accompanying this press release also include the percentage changes compared to the respective periods of 2019, the last year before the pandemic, in order to allow a better understanding of the evolution of the balance of travel services.

Related information:

The next press release on “the evolution of the balance of travel services” for July 2022 will be published on September 21, 2022, as planned in the Early Release Schedule published on the Bank of Greece website.

Related link:

Detailed and definitive data on the balance of travel services are published in the travel services section of the Bank of Greece website.