Travel receipts in Greece post increase of 68.5% in Jan-Nov 2022 period, yoy

The balance of travel services Greece for November 2022 showed a surplus of 180 million euros, up from a surplus of 154.8 million euros in November 2021, the Bank of Greece announced in a report on Monday.

Specifically, in November 2022 travel receipts rose by 15.9 percent to 314 million euros, up from 271 million euros in November 2021, while travel payments also increased by 15.4 percent (November 2022: 134 million euros, November 2021: 116.2 million euros).

The rise in travel receipts was due to a 44.7 percent increase in inbound traveler flows, as average expenditure per trip declined by 21.8 percent. Net travel receipts offset 4.7 percent of the goods deficit and contributed 55.4 percent in total net services receipts.

In the January-November 2022 period, the balance of travel services showed a surplus of 15.624 billion euros, up from a surplus of 9.316 million euros in the corresponding period of 2021. Travel receipts rose by 7.067 billion euros, or 68.5 percent, to 17.384 billion euros, while travel payments also increased by 759.6 million euros, or 76.0 percent, to 1.759 billion euros. The rise in travel receipts stemmed from a 90.3-percent increase in inbound traveler flows, as average expenditure per trip declined by 12.0 percent. Net travel receipts offset 43.4 percent of the goods deficit and contributed 82.0 percent in total net services receipts.

In November, travel receipts rose by 15.9 percent year-on-year. In more detail, receipts from residents of EU27 countries increased by 13.3 percent to 127.4 million euros, while receipts from outside the EU27 rose by 13.0 percent.

In the January-November period, travel receipts totaled 17.384 billion euros, up by 68.5 percent relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 47.4 percent to 9.889 billion euros and in receipts from residents outside the EU27 by 106.5 percent to 7.093 billion euros. In greater detail, receipts from euro area residents rose by 45.4 percent to 7.945 billion euros, while receipts from residents of non-euro area EU27 countries increased by 56.0 percent to 1.943 billion euros.

Specifically, receipts from Germany rose by 41.2 percent to 3.233 billion euros, as did receipts from France, by 28.5 percent to 1.26 billion euros.

Turning to non-EU27 countries, receipts from the United Kingdom increased by 115.9 percent to 3.1 billion. Receipts from the United States also increased by 96.6 percent to 1.15 billion euros, while receipts from Russia declined by 62.7 percent to 40.5 million euros euros.

Compared with November 2019, travel receipts fell by 0.4 percent, average expenditure per trip increased by 15.6 percent, while inbound traveler flows dropped by 12.6 percent in November 2022.

Compared with January-November 2019, travel receipts fell by 2.8 percent, as did inbound traveler flows by 11.1 percent, in January-November 2022, although average expenditure per trip increased by 9.8 percent.