Developments in the balance of travel services: August 2021
22/10/2021 - Press Releases
- The balance of travel services posted a surplus of €2,965 million in August 2021 and of €5,971 million in January-August 2021.
- Travel receipts rose by 125.4% in August 2021 and by 135.7% in January-August 2021.
- Inbound traveller flows increased by 125.5% in August 2021 and by 79.2% in January-August 2021.
Balance of travel services
Based on provisional data, the balance of travel services in August 2021 showed a surplus of €2,965 million, up from a surplus of €1,319 million in August 2020. More specifically, travel receipts rose by 125.4% to €3,112 million in August 2021 from €1,381 million in August 2020, while travel payments also increased by 137.5% (August 2021: €147 million, August 2020: €62 million). The rise in travel receipts was due to a 125.5% increase in inbound traveller flows, as average expenditure per trip declined by 1.0%. Net receipts from travel services overcompensated (124.1%) the goods deficit and contributed 90.9% to total net receipts from services.
In January-August 2021, the balance of travel services showed a surplus of €5,971 million, up from a surplus of €2,185 million in the same period of 2020. Travel receipts rose by €3,789 million or 135.7% to €6,582 million, while travel payments also increased by €3 million or 0.5% to €610 million. The rise in travel receipts is attributed to a 79.2% increase in inbound traveller flows, as well as to a rise of 30.5% in the average expenditure per trip. Net receipts from travel services offset 38.5% of the goods deficit and contributed 75.0% to total net receipts from services.
Travel receipts
In August 2021, as mentioned previously, travel receipts rose by 125.4% year-on-year. In more detail, receipts from residents of EU27 countries increased by 119.8% to €2,147 million, while receipts from outside the EU27 increased by 131.3% (August 2021: €934 million, August 2020: €404 million). The rise in receipts from within the EU27 was due to increases in receipts from euro area residents by 106.6% to €1,716 million (August 2020: €831 million) and in receipts from residents of non-euro area EU27 countries by 194.5% to €431 million. Among major euro area countries of origin, receipts from Germany rose by 73.7% to €570 million and receipts from France increased by 137.9% to €382 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 46.0% to €474 million and receipts from the United States increased by 1,599.8% to €127 million. Receipts from Russia also increased considerably to €21 million.
In January-August 2021, travel receipts increased by 135.7% year-on-year to €6,582 million. This development was driven by a 146.2% increase in receipts from residents of the EU27, which rose to €4,465 million, and by a 102.0% rise in receipts from residents outside the EU27 to €1,971 million. In greater detail, receipts from euro area residents rose by 134.6% to €3,486 million, while receipts from residents of non-euro area EU27 countries increased by 198.3% to €979 million. In particular, receipts from Germany increased by 114.7% year-on-year to €1,264 million and receipts from France increased by 207.7% to €731 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 75.2% to €787 million, while receipts from the United States increased by 371.5% to €340 million. Receipts from Russia also increased, by 414.1% to €58 million.
Inbound traveller flows
The number of inbound travellers in August 2021 rose by 125.5% year-on-year to 4,074 thousand. Specifically, traveller flows through airports increased by 92.9% year-on-year and traveller flows through road border-crossing points rose by 756.0%. This overall increase was due to higher traveller flows from both within the EU27 (up by 119.1%) and outside the EU27 (up by 144.3%). In greater detail, the number of travellers from within the euro area rose by 93.2% to 2,100 thousand, while travellers from non-euro area EU27 countries increased by 226.4% to 857 thousand. Specifically, the number of travellers from Germany increased by 77.0% to 733 thousand and travellers from France rose by 109.3% to 386 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 30.3% to 455 thousand, while the number of travellers from the United States increased by 1,620.6% to 75 thousand; travellers from Russia also increased considerably to 24 thousand.
In January-August 2021, the number of inbound travellers rose by 79.2% to 8,624 thousand (January-August 2020: 4,813 thousand). Specifically, traveller flows through airports increased by 98.4%, as did traveller flows through road border-crossing points, by 34.4%. In the period under review, the number of travellers from within the EU27 rose by 97.4% year-on-year to 6,201 thousand and travellers from outside the EU27 increased by 45.0% to 2,423 thousand. The number of travellers from within the euro area rose by 112.1%, while travellers from non-euro area EU27 countries increased by 71.1%. Specifically, travellers from Germany increased by 111.1% to 1,534 thousand and travellers from France increased by 184.8% to 775 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 37.0% to 723 thousand, while the number of travellers from the United States increased by 127.2% to 211 thousand and from Russia by 142.6% to 54 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 September 2021 will be published on 22 November 2021, 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.