ATHENS – The balance of travel services in October 2022 showed a surplus of 1,308.2 million euros, up from a surplus of 1,132.8 million euros in October 2021, the Bank of Greece said in a press release on Thursday.

More specifically, travel receipts in October 2022 rose by 16.7% to 1,510.4 million euros, from 1,294.3 million euros in October 2021, while travel payments also increased by 25.2% (October 2022: 202.2 million euros, October 2021: 161.5 million euros). The rise in travel receipts was due to a 28.6% increase in inbound traveller flows, as average expenditure per trip declined by 9.8%. Net receipts from travel services offset 32.1% of the goods deficit and contributed 84.3% to total net receipts from services.

In January-October 2022, the balance of travel services showed a surplus of 15,436.4 million euros, up from a surplus of 9,161.9 million euros in the same period of 2021. Travel receipts rose by 7,069.2 million euros, or 70.4%, to 17,114.8 million euros, while travel payments also increased by 794.7 million euros, or 89.9%, to 1,678.4 million euros. The rise in travel receipts stemmed from a 92.1% increase in inbound traveller flows, as average expenditure per trip declined by 11.8%. Net travel receipts offset 47.9% of the goods deficit and contributed 82.5% to total net receipts from services.

Travel receipts

In October 2022, as previously mentioned, travel receipts rose by 16.7% year-on-year. In more detail, receipts from residents of EU27 countries rose by 6.6% to 827.2 million euros, while receipts from outside the EU27 increased by 31.1% (October 2022: 627.3 million euros, October 2021: 478.4 million euros). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 5.9% (October 2022: 736.8 million euros, October 2021: 696.0 million euros) and in receipts from residents of non-euro area EU27 countries by 12.8% to 90.4 million euros.

More specifically, among major euro area countries of origin, receipts from Germany declined by 7.9% to 369.8 million euros, whereas receipts from France increased by 6.8% to 84.7 million euros. Turning to non-EU27 countries, receipts from the United Kingdom rose by 31.2% to 256.7 million euros, as did receipts from the United States, by 44.6% to 133.7 million euros. Receipts from Russia dropped by 89.0% to 3.3 million euros.

In January-October 2022, travel receipts totalled 17,114.8 million euros, up by 70.4% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 49.0% to 9,827.0 million euros and in receipts from residents outside the EU27 by 110.5% to 6,927.8 million euros. In greater detail, receipts from euro area residents rose by 46.0% to 7,830.6 million euros, while receipts from residents of non-euro area EU27 countries increased by 61.9% to 1,996.5 million euros.

In particular, receipts from Germany increased by 37.9% to 3,117.8 million euros, as did receipts from France, by 29.1% to 1,256.6 million euros. Turning to non-EU27 countries, receipts from the United Kingdom rose by 122.7% to 3,128.3 million euros and receipts from the United States also increased by 86.4% to 1,057.3 million euros. Receipts from Russia fell by 65.0% to 34.5 million euros.

Inbound traveller flows

The number of inbound travellers in October 2022 rose by 28.6% year-on-year to 2,756.4 thousand. Specifically, traveller flows through airports increased by 20.0% compared with October 2021, while traveller flows through road border-crossing points rose by 139.4%. This overall increase was due to higher traveller flows from both within the EU27 (up by 11.0%) and outside the EU27 (up by 64.3%). In greater detail, travellers from within the euro area rose by 2.5% to 1,255.4 thousand, while travellers from non-euro area EU27 countries also increased by 60.2% to 340.7 thousand.

Specifically, the number of travellers from Germany declined by 7.2% to 621.1 thousand, whereas the number of travellers from France rose by 22.4% to 165.4 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 67.4% to 518.3 thousand, while travellers from the United States also increased by 102.6% to 139.8 thousand. The number of travellers from Russia fell by 87.9% to 3.3 thousand.

In January-October 2022, the number of inbound travellers rose by 92.1% to 26,443.1 thousand (January-October 2021: 13,763.2 thousand). Specifically, traveller flows through airports increased by 84.7%, while traveller flows through road border-crossing points rose by 135.8%. In the period under review, the number of travellers from within the EU27 rose by 68.9% year-on-year to 16,337.8 thousand and travellers from outside the EU27 increased by 147.0% to 10,105.3 thousand. The number of travellers from within the euro area rose by 59.3%, as did travellers from non-euro area EU27 countries, by 94.2%.

Specifically, travellers from Germany increased by 47.1% to 4,240.8 thousand and those from France by 49.9% to 1,711.0 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 194.4% to 4,370.8 thousand, as well as those from the United States by 167.5% to 975.7 thousand. The number of travellers from Russia dropped by 63.3% to 34.6 thousand.