Change in the balance of travel services: October 2021

12/22/2021 – Press releases

– The travel services balance shows a surplus of € 1,267 million in October 2021 and € 9,300 million in January-October 2021.

Travel receipts increased 159.8% in October 2021 and 142.0% in January-October 2021.

– Inbound passenger flow increased by 124.5% in October 2021 and by 93.8% in January-October 2021.

Balance of travel services

On the basis of provisional data, the balance of travel services in October 2021 posted a surplus of 1,267 million euros, against a surplus of 490 million euros in October 2020. More specifically, travel receipts increased 159.8% to 1,438 million euros in October 2021 against 554 million euros in October 2020, while travel payments also increased by 167.8% (October 2021: 171 million euros, October 2020: 64 million euros). The increase in travel receipts results from a 124.5% increase in inbound traveler flows and a 13.8% increase in average spending per trip. Travel service net receipts offset 55.0% of the goods deficit and contributed 69.9% to total service net receipts.

In January-October 2021, the travel services balance showed a surplus of 9,300 million euros, compared to a surplus of 3,491 million euros in the corresponding period of 2020. Travel receipts increased by 5,982 million euros. euros or 142.0% to 10,196 million euros, while travel payments increased by 173 million euros or 23.9% to 896 million euros. The rise in travel receipts is due to a 93.8% increase in inbound traveler flows, as well as a 23.7% increase in average spending per trip. Travel service net receipts offset 46.3% of the goods deficit and contributed 76.4% to total service net receipts.

Travel receipts

In October 2021, as mentioned earlier, travel revenue increased 159.8% year on year. More precisely, the receipts of residents of EU27 countries increased by 127.1% to 881 million euros, while receipts of non-EU27 countries increased by 223.3% (October 2021: 526 million euros euros, October 2020: 163 million euros). The rise in receipts from the EU27 is due to an increase in the receipts of euro area residents by 122.2% to 789 million euro (October 2020: 355 million euro) and in the receipts of residents of the EU27 countries outside the euro area by 179.8% to € 92 million. Specifically, among the main source countries of the euro area, receipts from Germany increased by 91.3% to 462 million euros and receipts from France increased by 77.4% to 90 million euros. For non-EU27 countries, UK revenue increased by 124.6% to EUR 224 million and US revenue increased by 2,355.1% to EUR 101 million. Receipts from Russia also increased by 2,159.6% to 28 million euros.

In January-October 2021, travel revenue increased by 142.0% over one year to € 10,196 million. This development was driven by a 138.6% increase in the receipts of EU27 residents to EUR 6,694 million, and by a 135.5% increase in the receipts of non-EU27 residents in 3,299 million euros. More specifically, the receipts of euro area residents increased by 127.0% to 5,363 million euro, while the receipts of residents of EU27 countries outside the euro area increased by 200.4% to 1 331 million euros. In particular, Germany’s revenue increased 100.6% year on year to € 2,244 million and France’s revenue increased 173.8% to € 997 million. For non-EU27 countries, UK revenue increased by 91.0% to € 1,409 million, while US revenue increased by 632.1% to € 588 million . Revenue from Russia also rose 624.5% to € 96 million.

Inbound passenger flow

The number of travelers entering October 2021 increased 124.5% year on year to 2,144 thousand. More specifically, the flow of travelers passing through airports increased by 121.9% compared to October 2020 and the flow of travelers passing through road border crossing points increased by 221.6%. This overall increase is due to an increase in the flow of travelers both from the EU27 (up 117.3%) and from outside the EU27 (up 140.9%). In more detail, the number of travelers from the euro area increased by 115.6% to 1,225,000, while travelers from EU27 countries outside the euro area increased by 127.4% to 213,000. More specifically, the number of travelers from Germany increased by 71.0% to reach 669,000 and travelers from France increased by 73.4% to reach 135,000. non-EU27 countries, the number of travelers from the UK increased by 54.7% to 310,000, while the number of travelers from the US increased by 2,131.4% to 69,000 and of Russia by 2,020.9% to 28,000.

In January-October 2021, the number of inbound travelers increased by 93.8% to 13,763,000 (January-October 2020: 7,102,000). More specifically, the flow of travelers through airports increased by 103.6%, as did the flow of travelers through road border crossing points, by 62.8%. During the period under review, the number of travelers from the EU27 increased by 103.6% year-on-year to 9,673,000 and travelers from outside the EU27 increased by 73 , 9% to 4,091,000. The number of travelers from the euro area increased by 109.1%, while travelers from EU27 countries outside the euro area increased by 90.5%. Specifically, travelers from Germany increased 92.9% to 2,883,000 and travelers from France increased 146.8% to 1,141,000. ‘EU27, the number of travelers from the UK increased by 44.5% to 1,485,000, while the number of travelers from the US increased by 265.9% to 365,000 and Russia by 286.4% to 94,000.

To note:

Inbound passenger flows exclude cruise lines other than those recorded in the Borders Survey.

Associated information:

The next press release on “The evolution of the balance of travel services” for November 2021 will be published on January 21, 2022, in accordance with the Early publication schedule published on the Bank of Greece website.

Related link:

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