Evolution of the travel services balance: November 2021

21/01/2022 – Press releases

  • the balance of travel services generated a surplus of €174 million in November 2021 and €9,470 million in January-November 2021.

  • Travel receipts increased by 308.2% in November 2021 and by 144.6% in January-November 2021.
  • Flow of incoming travelers increased by 219.3% in November 2021 and by 96.8% in January-November 2021.

Travel services balance

Based on provisional data, the balance of travel services in November 2021 posted a surplus of €174 million, compared to a surplus of €33 million in November 2020. Specifically, travel receipts increased by 308.2% to €287 million in November 2021, compared to €70 million in November 2020, while travel payments also increased by 205.7% (November 2021: €113 million, November 2020: €37 million). The increase in travel revenue resulted from a 219.3% increase in inbound traveler flows and a 25.6% increase in average expenditure per trip. Net receipts from travel services offset 6.3% of the goods deficit and contribute 32.4% to total net receipts from services.

In January-November 2021, the balance of travel services showed a surplus of 9,470 million euros, compared to a surplus of 3,524 million euros over the same period of 2020. 247 million or 32.4% to 1,007 million euros . The increase in travel revenue is due to a 96.8% increase in inbound traveler flows, as well as a 22.6% increase in average spend per trip. Net receipts from travel services offset 41.5% of the goods deficit and contribute 74.6% to total net receipts from services.

Travel receipts

In November 2021, as mentioned earlier, travel revenue grew 308.2% year-on-year. Specifically, receipts from residents of EU27 countries increased by 257.5% to €118 million, while receipts from outside the EU27 increased by 340.9% ( November 2021: €160 million, November 2020: €36 million). The increase in receipts from within the EU27 is explained by the increase in receipts of euro area residents by 282.7% to €106 million (November 2020: €28 million) and income of residents of EU27 countries not belonging to the euro area by 126.1% to 106 million euros. 12 millions. Specifically, among the top eurozone source countries, receipts from Germany increased by 208.9% to €30 million and receipts from France increased by 293.5% to 7 million euros. In non-EU27 countries, UK receipts increased by 163.0% to €36 million and US receipts increased by 363.1% to €22 million. Receipts from Russia also increased by 1,642.2% to 10 million euros.

In January-November 2021, travel revenue increased 144.6% year-on-year to €10,477 million. This development was driven by a 140.2% increase in receipts of EU27 residents, which reached €6,819 million, and a 143.6% increase in receipts of non-EU27 residents, who reached 3,500 million euros. Specifically, receipts of residents of the euro area increased by 132.7% to €5,562 million, while receipts of residents of non-euro area EU27 countries increased by 180 .4% to 1,258 million euros. In particular, receipts from Germany increased by 108.5% over one year to 2,352 million euros and receipts from France increased by 170.7% to 991 million euros. Turning to non-EU27 countries, UK receipts increased by 95.6% to €1,470 million, while US receipts increased by 603.4% to €598 million. euros. Receipts from Russia also increased by 674.8% to 108 million euros.

Flow of incoming travelers

The number of inbound travelers in November 2021 increased by 219.3% year-on-year to 561,000. Specifically, passenger flows through airports increased by 249.6% compared to November 2020 and passenger flows through road border crossing points increased increased by 197.9%. This overall increase is due to an increase in passenger flows both within the EU27 (up 224.3%) and outside the EU27 (up 214.2%). Specifically, the number of travelers from the euro area increased by 254.6% to 228,000, while travelers from non-euro area EU27 countries increased by 147.6% to 63,000. Specifically, the number of travelers from Germany increased by 258.2% to 75,000 and travelers from France increased by 375.1% to 18,000. number of travelers from the United Kingdom increased by 88.6% to 64,000, while the number of travelers from the United States increased by 268.5% to 17,000 and from Russia by 4,281.0 % to 17,000.

In January-November 2021, the number of inbound travelers increased by 96.8% to 14,324,000 (January-November 2020: 7,278,000). Specifically, passenger flows through airports increased by 106.7%, as did passenger flows through road border crossing points, by 66.5%. During the period under review, the number of travelers from the EU27 increased by 105.9% year-on-year to 9,964,000 and travelers from outside the EU27 increased by 78 .8% to 4,361,000. The number of travelers from the euro area rose by 111.9%, while travelers from non-euro area EU27 countries increased by 91.5%. Specifically, travelers from Germany increased by 95.2% to 2,958,000 and travelers from France increased by 148.6% to 1,159,000. number of travelers from the United Kingdom increased by 45.9% to 1,548,000, while the number of travelers from the United States increased by 266.0% to 382,000 and from Russia by 350.1 % to 112,000.

To note:

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

Related information:

The next press release on “the evolution of the balance of travel services” for December 2021 will be published on February 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.