Evolution of the travel services balance: May 2022

22/07/2022 – Press releases

-The balance of travel services recorded a surplus of €1,193.5m in May 2022 and a surplus of €1,775.8m in January-May 2022.

-Ιn 2019the last year before the pandemic, the balance of travel services had posted a surplus of €1,338.5m in May and a surplus of €1,714.2m in January-May 2019.

-Travel Receipts were 536.4% higher in May 2022 and 547.9% higher in January-May 2022 compared to the corresponding periods of 2021.

-Compared to the respective periods of 2019travel receipts were 9.7% lower in May 2022 and 12.2% lower in January-May 2022.

– Flow of incoming travelers increased by 672.5% in May 2022 and by 552.9% in January-May 2022, compared to the same periods of 2021.

-Compared to the respective periods of 2019incoming passenger flows decreased by 7.6% in May 2022 and by 18.3% in January-May 2022.

Travel services balance
On the basis of provisional data, the balance of travel services in May 2022 posted a surplus of €1,193.5 million, compared to a surplus of €144.7 million in May 2021. Specifically, travel receipts in May 2022 increased by 536.4% to 1,414, €2 million, compared to €222.2 million in May 2021, while travel payments also increased by 184.7% (May 2022: €220.7 million, May 2021: 77.6 millions of euros). The increase in travel revenue was driven by a 672.5% increase in inbound traveler flows, with average spend per trip down 18.2%. Net receipts from travel services offset 36.8% of the goods deficit and contribute 74.4% to total net receipts from services.

In January-May 2022, the balance of travel services showed a surplus of 1,775.8 million euros, compared to a surplus of 163.1 million euros in the same period of 2021. 508.7 million or 227.0% to 732 .9 million euros. The increase in travel revenue stemmed from a 552.9% increase in inbound traveler flows, as average spending per trip fell 2.2%. Net receipts from travel services offset 11.9% of the goods deficit and contribute 51.4% to total net receipts from services.

Travel receipts
In May 2022, as mentioned earlier, travel revenue grew 536.4% year-over-year. Specifically, receipts from residents of EU27 countries increased by 426.4% to €827.9 million, while receipts from outside the EU27 increased by 807.6% ( May 2022: €546.4 million, May 2021: €60.2 million). The increase in receipts from the EU27 is attributed to the increase in receipts of euro area residents by 447.2% to €730.9 million (May 2021: €133.6 million) and receipts of residents of non-euro area EU27 countries by 309.2% to 730.9 million euros. 97.0 million.

Specifically, among the top eurozone source countries, receipts from Germany increased by 501.7% to €331.0 million and receipts from France increased by €335.6 million. % to 121.5 million euros. In non-EU27 countries, UK receipts increased by 1,707.5% to €243.9 million and US receipts increased by 1,162.4% to €113.0 millions of euros. Receipts from Russia have fallen to zero.

In January-May 2022, travel receipts amounted to €2,508.7 million, up 547.9% compared to the same period of 2021. This development is due to the increase in receipts of EU27 residents from 446.0% to 1,414.5 million euros and receipts of non-EU27 residents by 732.2% to 1,027.3 million euros. Specifically, receipts for residents of the euro area increased by 477.6% to €1,237.0 million, while receipts for residents of non-euro area EU27 countries increased by 295.4% to 177.5 million euros.

In particular, receipts from Germany increased by 511.9% to €508.3 million and receipts from France increased by 513.9% to €221.4 million. With regard to non-EU27 countries, receipts from the United Kingdom increased by 1,479.7% to 365.3 million euros, while receipts from the United States increased by 1,395, 3% to 179.7 million euros. Receipts from Russia also increased by 275.8% to 7.9 million euros.

Flow of incoming travelers
The number of inbound travelers in May 2022 increased by 672.5% year-on-year to 2,205.2,000. Specifically, passenger flows through airports increased by 818.1% year-on-year, as did passenger flows through checkpoints road border crossings, by 431.1%. This overall increase is due to an increase in flows of travelers from both the EU27 (up 547.6%) and outside the EU27 (up 996.5%). Specifically, the number of travelers from inside the euro area increased by 609.1% to 1,071.8 thousand, while travelers from non-euro area EU27 countries increased by 378. .1% to 262.2 thousand.

Specifically, the number of travelers from Germany increased by 693.0% to 437,100 and travelers from France increased by 412.4% to 159,000. number of travelers from the UK increased significantly to 410.8 thousand, as well as from the United States, which amounted to 94.8 thousand. The number of travelers from Russia has fallen to zero.

In January-May 2022, the number of inbound travelers increased by 552.9% to 4,333.9 thousand (January-May 2021: 663.8 thousand). Specifically, passenger flows through airports increased by 797.9%, as did passenger flows through road border crossing points, by 309.9%. During the period under review, the number of travelers from the EU27 rose by 492.1% year-on-year to 2,527.6,000, while travelers from outside the EU27 increased by 662.5% to 1,806.3,000. The number of travelers from the euro area increased by 585.2% and travelers from non-euro area EU27 countries increased by 301 .9%.

Specifically, travelers from Germany increased by 605.3% to 738,400 and travelers from France increased by 606.6% to 305,100. travelers from the United Kingdom increased by 1,960.3% to 625,800, while the number of travelers from the United States also increased considerably, to 174,100 and from Russia by 995.2% to 11,600 .

Comparison with 2019, the last year before the pandemic
In May 2022, compared to May 2019, travel receipts decreased by 9.7%, while average expenditure per trip decreased by 1.8% and inbound traveler flows decreased by 7.6%.

In January-May 2022, compared to January-May 2019, travel receipts fell by 12.2%, incoming traveler flows fell by 18.3%, while average expenditure per trip increased by 8, 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 and a complete capture of the evolution of the balance of services. travel.

Related information:
The next press release “Evolution of the balance of travel services” for June 2022 will be published on August 22, 2022, in accordance with 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.