Bank of Greece-Evolution of the balance of travel services: March 2022

The balance of travel services shows a surplus of €77.0 million in March 2022 and of €200.8 million in January-March 2022.

Travel receipts increased by 404.3% in March 2022 and 342.2% in January-March 2022.

Inbound passenger flows increased by 318.9% in March 2022 and 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 millionfrom an excess of 8.3 million euros in March 2021. Specifically, travel receipts in March 2022 increased by 404.3% for €196.7 millionfrom €39.0 million in March 2021while 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 2022the travel services balance posted a surplus of €200.8 millionfrom an excess of €15.3 million the same period of 2021. Travel receipts increased by €363.5 million i.e. 342.2% at €469.7 millionwhile travel payments increased by €177.9 million i.e. 195.6% at €268.9 million. 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. In more detail, the receipts of residents of EU27 countries increased by 249.9% to €84.8 millionwhile receipts from outside the EU27 increased by 624.4% (March 2022: €107.0 million, March 2021: €14.8 million). The increase in receipts from the EU27 is explained by the increase in receipts of euro area residents from 304.5% to €69.6 million (March 2021: €17.2 million) and in the receipts of residents of EU27 countries outside the euro area from 116.7% to €15.3 million. More specifically, among the main source countries in the euro area, receipts Germany increased by 348.8% for €26.5 million and receipts from France increased by 714.5% to €12.7 million. With regard to countries outside the EU27, the receipts of UK increased by 723.4% for €17.6 million and receipts from United States increased by 1,955.5% for €19.7 million. Recipes from Russia also increased by 2,132.9% to €1.0 million.

In January-March 2022travel receipts totaled €469.7 millionup by 342.2% compared to the same period of 2021. This development was driven by a 268.9% rise in receipts of EU27 residents, to €237.4 millionand by a 440.9% increase in receipts of non-EU27 residents to €226.3 million. More specifically, the receipts of euro area residents increased by 288.1% for €185.0 millionwhile the receipts of residents of non-euro area EU27 countries increased by 214.0% to reach €52.5 million. In particular, revenue from Germany increased by 279.2% to €66.1 million and receipts from France increased by 567.7% to €23.6 million. With regard to countries outside the EU27, the receipts of UK increased by 550.0% to reach €47.1 millionwhile the revenue from United States increased by 2,093.2% for €34.5 million. Recipes from Russia has also increased considerably, for 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 102.7% to 55,000. More 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. For non-EU27 countries, the number of travelers from UK increased by 500.8% to 35,200, while the number of travelers from United States increased by 1,371.7% to 20.9 thousand and by Russia from 1,494.5% to 1,400.

In January-March 2022the 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 151.4 thousand and travelers from France increased by 531.9% to 53.7 thousand. For non-EU27 countries, the number of travelers from UK increased by 504.9% to 91,600, while the number of travelers from United States increased by 1,412.5% ​​to 37.7 thousand and by Russia from 1,429.3% to 8.6 thousand.

To note:

Inbound passenger flows exclude cruise passengers other than those registered in the Border survey.

Related information:

The next press release on the “evolution of the balance of travel services” for April 2022 will be published on June 21, 2022in accordance with the anticipated release schedule posted on the Bank of Greece website.