The balance of travel services posted a surplus of €1,193.5 million in May 2022 and a surplus of €1,775.8 million in January-May 2022, according to a new report from the Bank of Greece.

In 2019, the last year before the pandemic, the balance of travel services had posted a surplus of €1,338.5 million in May and a surplus of €1,714.2 million in January‑May 2019.

Travel receipts were 536.4% higher in May 2022 and 547.9% higher in January‑May 2022 than in the corresponding periods of 2021.

Compared with the respective periods of 2019, travel receipts were 9.7% lower in May 2022 and 12.2% lower in January‑May 2022.

Inbound traveler flows rose by 672.5% in May 2022 and by 552.9% in January‑May 2022, compared with the same periods of 2021.

Compared with the respective periods of 2019, inbound traveler flows decreased by 7.6% in May 2022 and by 18.3% in January-May 2022.

Balance of travel services

Based on provisional data, the balance of travel services in May 2022 showed a surplus of €1,193.5 million, compared with a surplus of €144.7 million in May 2021. More specifically, travel receipts in May 2022 rose by 536.4% to €1,414.2 million, from €222.2 million in May 2021, while travel payments also increased by 184.7% (May 2022: €220.7 million, May 2021: €77.6 million). The rise in travel receipts was due to a 672.5% increase in inbound traveler flows, as average expenditure per trip declined by 18.2%. Net receipts from travel services offset 36.8% of the goods deficit and contributed 74.4% to total net receipts from services.

In January-May 2022, the balance of travel services showed a surplus of €1,775.8 million, up from a surplus of €163.1 million in the same period of 2021. Travel receipts rose by €2,121.4 million or 547.9% to €2,508.7 million, while travel payments increased by €508.7 million or 227.0% to €732.9 million. The rise in travel receipts stemmed from a 552.9% increase in inbound traveler flows, as average expenditure per trip fell by 2.2%. Net receipts from travel services offset 11.9% of the goods deficit and contributed 51.4% to total net receipts from services.

Travel receipts

In May 2022, as mentioned previously, travel receipts rose by 536.4% year-on-year. In more detail, receipts from residents of EU27 countries increased by 426.4% to €827.9 million, while receipts from outside the EU27 rose by 807.6% (May 2022: €546.4 million, May 2021: €60.2 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 447.2% to €730.9 million (May 2021: €133.6 million) and in receipts from residents of non-euro area EU27 countries by 309.2% to € 97.0 million.

More specifically, among major euro area countries of origin, receipts from Germany rose by 501.7% to €331.0 million and receipts from France increased by 335.6% to €121.5 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 1,707.5% to €243.9 million and receipts from the United States increased by 1,162.4% to €113.0 million. Receipts from Russia decreased to zero.

In January-May 2022, travel receipts totaled €2,508.7 million, up by 547.9%, relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 446.0% to €1,414.5 million and in receipts from residents outside the EU27 by 732.2% to €1,027.3 million. In greater detail, receipts from euro area residents rose by 477.6% to €1,237.0 million, while receipts from residents of non-euro area EU27 countries increased by 295.4% to €177.5 million.

In particular, receipts from Germany increased by 511.9% to €508.3 million and receipts from France increased by 513.9% to €221.4 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 1,479.7% to €365.3 million, while receipts from the United States increased by 1,395.3% to €179.7 million. Receipts from Russia also increased, by 275.8% to €7.9 million.

Inbound traveler flows

The number of inbound travelers in May 2022 rose by 672.5% year-on-year to 2,205.2 thousand. Specifically, traveler flows through airports increased by 818.1% year-on-year, as did traveler flows through road border-crossing points, by 431.1%. This overall increase was due to higher traveler flows from both within the EU27 (up by 547.6%) and outside the EU27 (up by 996.5%). In greater detail, the number of travelers from within the euro area rose by 609.1% to 1,071.8 thousand, while travelers from non-euro area EU27 countries increased by 378.1% to 262.2 thousand.

Specifically, the number of travelers from Germany increased by 693.0% to 437.1 thousand and travelers from France increased by 412.4% to 159.0 thousand. Turning to non-EU27 countries, the number of travelers from the United Kingdom rose considerably to 410.8 thousand, as well as from the United States, which stood at 94.8 thousand. The number of travelers from Russia fell to zero.

In January-May 2022, the number of inbound travelers rose by 552.9% to 4,333.9 thousand (January-May 2021: 663.8 thousand). Specifically, traveler flows through airports increased by 797.9%, as did traveler flows through road border-crossing points, by 309.9%. In the period under review, the number of travelers from within the EU27 rose by 492.1% year-on-year to 2,527.6 thousand, while travelers from outside the EU27 increased by 662.5% to 1,806.3 thousand. The number of travelers from within the euro area rose by 585.2% and travelers from non-euro area EU27 countries increased by 301.9%.

Specifically, travelers from Germany increased by 605.3% to 738.4 thousand and travelers from France increased by 606.6% to 305.1 thousand. Turning to non-EU27 countries, the number of travelers from the United Kingdom rose by 1,960.3% to 625.8 thousand, while the number of travelers from the United States also increased considerably, to 174.1 thousand and from Russia by 995.2% to 11.6 thousand.

Comparison with 2019, the last year before the pandemic

In May 2022, compared with May 2019, travel receipts fell by 9.7%, while average expenditure per trip dropped by 1.8% and inbound traveler flows decreased by 7.6%.

In January-May 2022, compared with January-May 2019, travel receipts fell by 12.2%, inbound traveler flows dropped by 18.3%, while average expenditure per trip increased by 8.6%.

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