Developments in the balance of travel services: November 2021

21/01/2022 - Press Releases

• The balance of travel services posted a surplus of €174 million in November 2021 and of €9,470 million in January-November 2021.
• Travel receipts rose by 308.2% in November 2021 and by 144.6% in January-November 2021.
• Inbound traveller flows increased by 219.3% in November 2021 and by 96.8% in January-November 2021.

Balance of travel services

Based on provisional data, the balance of travel services in November 2021 showed a surplus of €174 million, up from a surplus of €33 million in November 2020. More specifically, travel receipts rose by 308.2% to €287 million in November 2021, from €70 million in November 2020, while travel payments also increased by 205.7% (November 2021: €113 million, November 2020: €37 million). The rise in travel receipts resulted from a 219.3% increase in inbound traveller flows and a 25.6% rise in average expenditure per trip. Net receipts from travel services offset 6.3% of the goods deficit and contributed 32.4% to total net receipts from services.

In January-November 2021, the balance of travel services showed a surplus of €9,470 million, up from a surplus of €3,524 million in the same period of 2020. Travel receipts rose by €6,193 million or 144.6% to €10,477 million, while travel payments increased by €247 million or 32.4% to €1,007 million. The rise in travel receipts was due to a 96.8% increase in inbound traveller flows, as well as to a rise of 22.6% in average expenditure per trip. Net receipts from travel services offset 41.5% of the goods deficit and contributed 74.6% to total net receipts from services.

Travel receipts

In November 2021, as mentioned previously, travel receipts rose by 308.2% year-on-year. In more detail, receipts from residents of EU27 countries increased by 257.5% to €118 million, while receipts from outside the EU27 increased by 340.9% (November 2021: €160 million, November 2020: €36 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 282.7% to €106 million (November 2020: €28 million) and in receipts from residents of non-euro area EU27 countries by 126.1% to €12 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 208.9% to €30 million and receipts from France increased by 293.5% to €7 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 163.0% to €36 million and receipts from the United States increased by 363.1% to €22 million. Receipts from Russia also increased, by 1,642.2% to €10 million.

In January-November 2021, travel receipts increased by 144.6% year-on-year to €10,477 million. This development was driven by a 140.2% increase in receipts from residents of the EU27, which rose to €6,819 million, and by a 143.6% rise in receipts from residents outside the EU27 to €3,500 million. In greater detail, receipts from euro area residents rose by 132.7% to €5,562 million, while receipts from residents of non-euro area EU27 countries increased by 180.4% to €1,258 million. In particular, receipts from Germany increased by 108.5% year-on-year to €2,352 million and receipts from France increased by 170.7% to €991 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 95.6% to €1,470 million, while receipts from the United States increased by 603.4% to €598 million. Receipts from Russia also increased, by 674.8% to €108 million.

Inbound traveller flows

The number of inbound travellers in November 2021 rose by 219.3% year-on-year to 561 thousand. Specifically, traveller flows through airports increased by 249.6% compared with November 2020 and traveller flows through road border-crossing points rose by 197.9%. This overall increase was due to higher traveller flows from both within the EU27 (up by 224.3%) and outside the EU27 (up by 214.2%). In greater detail, the number of travellers from within the euro area rose by 254.6% to 228 thousand, while travellers from non-euro area EU27 countries increased by 147.6% to 63 thousand. Specifically, the number of travellers from Germany increased by 258.2% to 75 thousand and travellers from France increased by 375.1% to 18 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 88.6% to 64 thousand, while the number of travellers from the United States increased by 268.5% to 17 thousand and from Russia by 4,281.0% to 17 thousand.

In January-November 2021, the number of inbound travellers rose by 96.8% to 14,324 thousand (January-November 2020: 7,278 thousand). Specifically, traveller flows through airports increased by 106.7%, as did traveller flows through road border-crossing points, by 66.5%. In the period under review, the number of travellers from within the EU27 rose by 105.9% year-on-year to 9,964 thousand and travellers from outside the EU27 increased by 78.8% to 4,361 thousand. The number of travellers from within the euro area rose by 111.9%, while travellers from non-euro area EU27 countries increased by 91.5%. Specifically, travellers from Germany increased by 95.2% to 2,958 thousand and travellers from France increased by 148.6% to 1,159 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 45.9% to 1,548 thousand, while the number of travellers from the United States increased by 266.0% to 382 thousand and from Russia by 350.1% to 112 thousand.

Note:

Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.

Related information:

The next Press Release on "Developments in the balance of travel services" for December 2021 will be published on 22 February 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.