Developments in the balance of travel services: November 2022

23/01/2023 - Press Releases

• The balance of travel services posted a surplus of €180.0 million in November 2022 and of €15,624.7 million in January-November 2022.
• In 2019, the last year before the pandemic, the balance of travel services had posted a surplus of €108.8 million in November and of €15,406.3 million in January-November 2019.
• Travel receipts rose year-on-year by 15.9% in November 2022 and by 68.5% in January-November 2022.
• Compared with the respective periods of 2019, travel receipts were lower by 0.4% in November 2022 and by 2.8% in January-November 2022.
• Inbound traveller flows rose year-on-year by 44.7% in November 2022 and by 90.3% in January-November 2022.
• Compared with the respective periods of 2019, inbound traveller flows were lower by 12.6% in November 2022 and by 11.1% in January-November 2022.

Balance of travel services

Based on provisional data, the balance of travel services in November 2022 showed a surplus of €180.0 million, up from a surplus of €154.8 million in November 2021. More specifically, in November 2022 travel receipts rose by 15.9% to €314.0 million, up from €271.0 million in November 2021, while travel payments also increased by 15.4% (November 2022: €134.0 million, November 2021: €116.2 million). The rise in travel receipts was due to a 44.7% increase in inbound traveller flows, as average expenditure per trip declined by 21.8%. Net travel receipts offset 4.7% of the goods deficit and contributed 55.4% in total net services receipts.

In January-November 2022, the balance of travel services showed a surplus of €15,624.7 million, up from a surplus of €9,316.7 million in the corresponding period of 2021. Travel receipts rose by €7,067.6 million, or 68.5%, to €17,384.2 million, while travel payments also increased by €759.6 million, or 76.0%, to €1,759.5 million. The rise in travel receipts stemmed from a 90.3% increase in inbound traveller flows, as average expenditure per trip declined by 12.0%. Net travel receipts offset 43.4% of the goods deficit and contributed 82.0% in total net services receipts.

Travel receipts

In November 2022, as previously mentioned, travel receipts rose by 15.9% year-on-year. In more detail, receipts from residents of EU27 countries increased by 13.3% to €127.4 million, while receipts from outside the EU27 rose by 13.0% (November 2022: €162.2 million, November 2021: €143.5 million). The rise in receipts from within the EU27 is attributed to an increase of 167.5% in receipts from residents of non-euro area EU27 countries, which stood at €33.3 million, as receipts from euro area residents dropped by 5.9% (November 2022: €94.1 million, November 2021: €100,0 million).

More specifically, among major euro area countries of origin, receipts from Germany declined by 23.7% to €22.0 million, whereas receipts from France increased by 7.1% to €9.1 million. Turning to non-EU27 countries, receipts from the United Kingdom dropped by 32.0% to €21.6 million, while receipts from the United States rose by 87.5% to €38.1 million. Receipts from Russia decreased by 95.4% to €0.4 million.

In January-November 2022, travel receipts totalled €17,384.2 million, up by 68.5% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 47.4% to €9,889.6 million and in receipts from residents outside the EU27 by 106.5% to €7,093.1 million. In greater detail, receipts from euro area residents rose by 45.4% to €7,945.9 million, while receipts from residents of non-euro area EU27 countries increased by 56.0% to €1,943.6 million.

Specifically, receipts from Germany rose by 41.2% to €3,233.3 million, as did receipts from France, by 28.5% to €1,261.1 million. Turning to non-EU27 countries, receipts from the United Kingdom increased by 115.9% to €3,101.4 million. Receipts from the United States also increased by 96.6% to €1,155.0 million, while receipts from Russia declined by 62.7% to €40.5 million.

Inbound traveller flows

The number of inbound travellers in November 2022 rose by 44.7% year-on-year to 812.4 thousand. Specifically, traveller flows through airports increased by 21.1% compared with November 2021, while traveller flows through road border-crossing points rose by 133.7%. This overall increase was due to higher traveller flows from both within the EU27 (up by 46.5%) and outside the EU27 (up by 42.8%). In greater detail, travellers from within the euro area rose by 8.6% to 247.6 thousand, while travellers from non-euro area EU27 countries also increased by 184.1% to 178.9 thousand.

Specifically, the number of travellers from Germany declined by 11.2% to 66.9 thousand, whereas the number of travellers from France rose by 58.1% to 28.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom decreased by 28.7% to 45.5 thousand, while the number of travellers from the United States increased by 300.5% to 67.5 thousand. The number of travellers from Russia fell by 95.8% to 0.7 thousand.

In January-November 2022, the number of inbound travellers rose by 90.3% to 27,255.4 thousand (January-November 2021: 14,324.4 thousand). Specifically, traveller flows through airports increased by 82.4%, while traveller flows through road border-crossing points rose by 135.7%. In the period under review, the number of travellers from within the EU27 rose by 68.3% year-on-year to 16,764.2 thousand, while travellers from outside the EU27 increased by 140.6% to 10,491.2 thousand. The number of travellers from within the euro area rose by 57.7%, as did travellers from non-euro area EU27 countries, by 96.2%.

Specifically, travellers from Germany increased by 45.6% to 4.307,7 thousand and those from France by 50.1% to 1,739.8 thousand. Turning to non-EU-27 countries, the number of travellers from the United Kingdom rose by 185.2% to 4,416.3 thousand, as well as those from the United States by 173.3% to 1,043.2 thousand. The number of travellers from Russia dropped by 68.3% to 35.3 thousand.

Comparison with 2019, the last year before the pandemic

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

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

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 December 2022 will be published on 21 February 2023, 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.