Developments in the balance of travel services: July 2022

21/09/2022 - Press Releases

- The balance of travel services posted a surplus of €3,518.2 million in July 2022 and a surplus of €7,710.1 million in the period January-July 2022.

- In 2019, the last year before the pandemic, the balance of travel services had posted a surplus of €3,472.3 million in July and a surplus of €7,549.4 million in January-July 2019.

- Travel receipts were 62.7% higher in July 2022 and 154.2% higher in January-July 2022 than in the corresponding periods of 2021.

- Compared with the respective periods of 2019, travel receipts showed an increase of 0.5% in July 2022 and a decrease of 2.9% in January-July 2022.

- Inbound traveller flows rose by 87.3% in July 2022 and by 191.4% in January-July 2022 compared with the same periods of 2021.

- Compared with the respective periods of 2019, inbound traveller flows decreased by 7.0% in July 2022 and by 12.1% in January-July 2022.

Balance of travel services
Based on provisional data, the balance of travel services in July 2022 showed a surplus of €3,518.2 million, compared with a surplus of €2,158.9 million in July 2021. More specifically, travel receipts in July 2022 rose by 62.7% to €3,723.1 million, from €2,288.0 million in July 2021, while travel payments also increased by 58.7% (July 2022: €204.9 million, July 2021: €129.1 million). The rise in travel receipts was due to an 87.3% increase in inbound traveller flows, as average expenditure per trip declined by 13.6%. Net receipts from travel services accounted for 89.3% of total net receipts from services and more than offset (113.5%) the goods deficit.

In January-July 2022, the balance of travel services showed a surplus of €7,710.1 million, up from a surplus of €3,027.4 million in the same period of 2021. Travel receipts rose by €5,367.5 million, or 154.2%, to €8,849.4 million, while travel payments increased by €684.8 million, or 150.7%, to €1,139.3 million. The rise in travel receipts stemmed from a 191.4% increase in inbound traveller flows, as average expenditure per trip fell by 13.6%. Net travel receipts offset 36.7% of the goods deficit and contributed 76.1% to total net receipts from services.

Travel receipts
In July 2022, as mentioned previously, travel receipts rose by 62.7% year-on-year. In more detail, receipts from residents of EU27 countries increased by 37.6% to €2,125.1 million, while receipts from outside the EU27 rose by 113.9% (July 2022: €1,542.6 million, July 2021: €721.2 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 32.2% to €1,579.7 million (July 2021: €1,195.1 million) and in receipts from residents of non-euro area EU27 countries by 56.1% to €545.4 million.

More specifically, among major euro area countries of origin, receipts from Germany rose by 30.5% to €550.6 million and receipts from France increased by 15.8% to €281.0 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 171.6% to €685.8 million and receipts from the United States increased by 65.8% to €229.4 million. Receipts from Russia decreased by 90.6% to €2.7 million.

In January-July 2022, travel receipts totalled €8,849.4 million, up by 154.2% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 116.0% to €5,105.9 million and in receipts from residents outside the EU27 by 230.1% to €3,571.5 million. In greater detail, receipts from euro area residents rose by 119.9% to €4,056.3 million, while receipts from residents of non-euro area EU27 countries increased by 102.0% to €1,049.6 million.

In particular, receipts from Germany increased by 127.4% to €1,636.7 million and receipts from France increased by 87.6% to €659.7 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 342.8% to €1,478.5 million, while receipts from the United States increased by 183.6% to €566.2 million. Receipts from Russia decreased by 52.8% to €16.6 million.

Inbound traveller flows
The number of inbound travellers in July 2022 rose by 87.3% year-on-year to 5,277.3 thousand. Specifically, traveller flows through airports increased by 79.9% compared with July 2021, as did traveller flows through road border-crossing points, by 117.2%. This overall increase was due to higher traveller flows from both within the EU27 (up by 58.7%) and outside the EU27 (up by 165.4%). In greater detail, the number of travellers from within the euro area rose by 49.4% to 2,047.8 thousand, while the number of travellers from non-euro area EU27 countries increased by 77.2% to 1,224.3 thousand.

Specifically, travellers from Germany increased by 39.9% to 643.1 thousand and travellers from France rose by 42.0% to 370.5 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 357.9% to 813.5 thousand, while the number of travellers from the United States increased by 95.2% to 189.1 thousand. The number of travellers from Russia decreased by 85.1% to 4.0 thousand.

In January-July 2022, the number of inbound travellers rose by 191.4% to 13,260.6 thousand (January-July 2021: 4,550.0 thousand). Specifically, traveller flows through airports increased by 204.3%, as did traveller flows through road border-crossing points, by 171.5%. In the period under review, the number of travellers from within the EU27 rose by 148.5% year-on-year to 8,064.6 thousand, while the number of travellers from outside the EU27 increased by 298.1% to 5,196.0 thousand. Travellers from within the euro area rose by 158.4% and travellers from non-euro area EU27 countries increased by 128.7%.

Specifically, the number of travellers from Germany rose by 157.8% to 2,065.6 thousand, as did the number of travellers from France, by 131.8% to 900.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 658.7% to 2,031.7 thousand, while the number of travellers from the United States increased by 279.8% to 513.9 thousand. The number of travellers from Russia decreased by 34.7% to 20.0 thousand.

Comparison with 2019, the last year before the pandemic
Compared with July 2019, travel receipts rose by 0.5% in July 2022, average expenditure per trip increased by 8.5%, while inbound traveller flows decreased by 7.0%.

Compared with the period January-July 2019, travel receipts fell by 2.9% in January-July 2022, inbound traveller flows declined by 12.1%, while average expenditure per trip increased by 11.2%.

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, 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 August 2022 will be published on 24 October 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.

Public link

Please use the above public link if you want to share this noodl on another website.