Bank of Greece

11/22/2022 | Press release | Distributed by Public on 11/22/2022 06:11

Developments in the balance of travel services: September 2022

22/11/2022 - Press Releases

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

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

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

- Compared with the respective periods of 2019, travel receipts dropped by 1.1% in September 2022 and by 3.1% in January-September 2022.

- Inbound traveller flows rose by 52.3% in September 2022 and by 103.9% in January-September 2022 relative to the same periods of 2021.

- Compared with the respective periods of 2019, inbound traveller flows declined by 10.8% in September 2022 and by 12.1% in January-September 2022.

Balance of travel services
Based on provisional data, the balance of travel services in September 2022 showed a surplus of €2,669.4 million, up from a surplus of €1,983.0 million in September 2021. More specifically, travel receipts in September 2022 rose by 35.1% to €2,855.4 million, from €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 rise in travel receipts was due to a 52.3% increase in inbound traveller flows, as average expenditure per trip declined by 11.3%. Net receipts from travel services offset 72.0% of the goods deficit and contributed 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, up from a surplus of €8,029.1 million in the same period of 2021. Travel receipts rose by €6,853.0 million, or 78.3%, to €15,604.4 million, while travel payments increased by €754.0 million, or 104.4%, to €1,476.2 million. The rise in travel receipts stemmed from a 103.9% increase in inbound traveller flows, as average expenditure per trip declined by 13.1%. Net receipts from travel services offset 50.2% of the goods deficit and contributed 82.3% to total net receipts from services.

Travel receipts
In September 2022, as previously mentioned, travel receipts rose by 35.1% year-on-year. In more detail, 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 rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 14.0% (September 2022: €1,219.4 million, September 2021: €1,069.5 million) and in receipts from residents of non-euro area EU27 countries by 44.1% to €334.5 million.

More specifically, among major euro area countries of origin, receipts from Germany decreased by 2.1% to €518.0 million, whereas receipts from France increased by 4.0% to €170.9 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 57.9% to €589.8 million and receipts from the United States increased by 40.0% to €200.3 million. Receipts from Russia decreased by 20.1% to €10.5 million.

In January-September 2022, travel receipts totalled €15,604.4 million, up by 78.3% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 54.6% to €8,999.9 million and in receipts from residents outside the EU27 by 124.0% to €6,300.6 million. In greater detail, receipts from euro area residents rose by 52.0% to €7,093.8 million, while receipts from residents of non-euro area EU27 countries increased by 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. Turning to non-EU27 countries, receipts from the United Kingdom rose by 137.5% to €2,871.6 million. Receipts from the United States also increased by 94.5% to €923.6 million, whereas receipts from Russia fell by 54.8% to €31.3 million.

Inbound traveller flows
The number of inbound travellers in September 2022 rose by 52.3% year-on-year to 4,560.3 thousand. Specifically, traveller flows through airports increased by 41.6% relative to the same month of the previous year, while traveller flows through road border-crossing points rose by 118.4%. This overall increase was due to higher traveller flows from both within the EU27 (up by 38.3%) and outside the EU27 (up by 81.7%). In greater detail, travellers from within the euro area rose by 21.6% to 1,834.6 thousand, while travellers from non-euro area EU27 countries increased by 86.4% to 978.4 thousand.

Specifically, the number of travellers from Germany increased by 7.0% to 726.9 thousand, while the number of travellers from France stood at 231.3 thousand, almost unchanged from September 2021. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 87.0% to 844.9 thousand, while the number of travellers from the United States increased by 121.2% to 188.7 thousand. The number of travellers from Russia decreased by 65.1% to 4.4 thousand.

In January-September 2022, the number of inbound travellers rose by 103.9% to 23,686.7 thousand (January-September 2021: 11,619.4 thousand). Specifically, traveller flows through airports increased by 98.6%, while traveller flows through road border-crossing points rose by 135.5%. In the period under review, the number of travellers from within the EU27 rose by 79.0% year-on-year to 14,741.7 thousand, while the number of travellers from outside the EU27 increased by 164.3% to 8,945.0 thousand. Travellers from within the euro area rose by 71.3% as did travellers from non-euro area EU27 countries, by 97.1%.

Specifically, the number of travellers from Germany increased by 63.5% to 3,619.7 thousand, as did the number of travellers from France, by 53.6% to 1,545.6 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 227.9% to 3,852.6 thousand, while the number of travellers from the United States also increased by 182.6% to 835.9 thousand. The number of travellers from Russia dropped by 53.1% to 31.3 thousand.

Comparison with 2019, the last year before the pandemic
Compared with September 2019, travel receipts fell by 1.1%, average expenditure per trip increased by 11.3% and inbound traveller flows dropped by 10.8% in September 2022.

Compared with January-September 2019, travel receipts fell by 3.1%, as did inbound traveller flows by 12.1% while average expenditure per trip increased by 10.7% in January-September 2022.

Notes:
1. Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.
2. The tables accompanying this Press Release also include percentage changes relative to the respective periods of 2019, the last year before the pandemic, in order to enable a better understanding of developments in the balance of travel services.

Related information:
The next Press Release on "Developments in the balance of travel services" for October 2022 will be published on 22 December 2022, in accordance with the Advance Release Calendar posted 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.