Evolution of the travel services balance: September 2022

22/11/2022 – Press releases

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

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

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

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

Flow of incoming travelers increased by 52.3% in September 2022 and by 103.9% in January-September 2022 compared to the same periods of 2021.

– Compared to the respective periods of 2019incoming passenger flows decreased by 10.8% in September 2022 and by 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 million, compared to a surplus of €1,983.0 million in September 2021. Specifically, travel receipts in September 2022 increased by 35.1% to reach 2 €855.4 million, compared to €2,113.2 million in September 2021, while 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 2022, the balance of travel services showed a surplus of 14,128.2 million euros, compared to a surplus of 8,029.1 million euros over the same period of 2021. of 754.0 million euros, i.e. 104.4%, to €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. Specifically, receipts from residents of EU27 countries increased by 19.4% to €1,553.9 million, while receipts from outside the EU27 increased by 61, 3% (September 2022: €1,245.5 million, September 2021: €772.2 million). The increase in receipts from within the EU27 is attributed to increases in receipts from euro area residents of 14.0% (September 2022: €1,219.4 million, September 2021: €1,069 .5 million euros) and receipts from residents of non-euro area EU27 countries by 44.1%. % to 334.5 million euros.

Specifically, among the top eurozone source countries, receipts from Germany decreased by 2.1% to €518.0 million, while receipts from France increased by 4 .0% to €170.9 million. In non-EU27 countries, UK receipts increased by 57.9% to €589.8 million and US receipts increased by 40.0% to €200.3 million. euros. Revenues from Russia fell by 20.1% to 10.5 million euros.

In January-September 2022, travel receipts amounted to EUR 15,604.4 million, up 78.3% compared to the same period of 2021. This development is due to the increase in receipts of EU27 residents from 54 .6% to 8,999.9 million euros and receipts of non-EU27 residents by 124.0% to 6,300.6 million euros. Specifically, receipts for residents of the euro area increased by 52.0% to €7,093.8 million, while receipts for residents of non-euro area EU27 countries increased 65.3% to €1,906.1 million.

In particular, receipts from Germany increased by 47.8% to €2,748.0 million, as did receipts from France by 31.1% to €1,171.9 million. In non-EU27 countries, UK receipts increased by 137.5% to €2,871.6 million. Receipts from the United States also increased by 94.5% to 923.6 million euros, while receipts from Russia fell by 54.8% to 31.3 million euros.

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.

Specifically, the number of travelers from Germany increased by 7.0% to 726,900, while the number of travelers from France stood at 231,300, virtually unchanged from September 2021. Regarding non-EU27 countries, the number of travelers from the United Kingdom increased by 87.0% to 844,900, while the number of travelers from the United States increased by 121.2% to 188,700. The number of travelers from Russia fell by 65.1% to 4,400.

In January-September 2022, the 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%.

Specifically, the number of travelers from Germany increased by 63.5% to 3,619.7 thousand, as did the number of travelers from France, by 53.6% to 1,545.6 thousand. Regarding countries outside the EU27, the number of travelers from the United Kingdom increased by 227.9% to 3,852.6 thousand, while the number of travelers from the United States also increased by 182 .6% to 835.9 thousand. The number of travelers from Russia fell 53.1% to 31,300.

Comparison with 2019, the last year before the pandemic
Compared to September 2019, travel 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 2019, travel 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 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 “Evolution of the balance of travel services” for October 2022 will be published on December 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.