Developments in the balance of travel services: May 2023
24/07/2023 - Press Releases
- The balance of travel services posted a surplus of €1,538.9 million in May 2023 and a surplus of €2,330.4 million in January-May 2023.
- Travel receipts rose by 24.8% in May 2023 and by 30.7% in January-May 2023.
- Inbound traveller flows increased by 13.9% in May 2023 and by 32.9% in January-May 2023.
Balance of travel services
Based on provisional data, the balance of travel services in May 2023 showed a surplus of €1,538.9 million, up from a surplus of €1,204.0 million in May 2022. More specifically, travel receipts in May 2023 rose by 24.8% to €1,748.1 million, from €1,400.7 million in May 2022, while travel payments also increased by 6.4% (May 2023: €209.2 million, May 2022: €196.6 million). The rise in travel receipts was due to a 13.9% increase in inbound traveller flows, as well as to a rise of 9.0% in average expenditure per trip. Net receipts from travel services offset 51.0% of the goods deficit and contributed 89.0% to total net receipts from services.
In January-May 2023, the balance of travel services showed a surplus of €2,330.4 million, up from a surplus of €1,783.4 million in the same period of 2022. Travel receipts rose by €761.3 million, or 30.7%, to €3,244.3 million, while travel payments increased by €214.2 million, or 30.6%, to €913.9 million. The rise in travel receipts reflected a 32.9% increase in inbound traveller flows, as average expenditure per trip fell by 2.4%. Net receipts from travel services offset 18.4% of the goods deficit and contributed 64.5% to total net receipts from services.
Travel receipts
In May 2023, as aforementioned, travel receipts rose by 24.8% year-on-year. In more detail, receipts from within the EU27 increased by 22.4% to €997.2 million, while receipts from non-EU27 residents rose by 27.0% (May 2023: €678.9 million, May 2022: €534.7 million). The rise in receipts from residents of the EU27 is attributed to increases in receipts from euro area residents by 20.8% (May 2023: €871.1 million, May 2022: €720.9 million) and in receipts from residents of non-euro area EU27 countries by 34.6% to €126.2 million. More specifically, among major euro area countries of origin, receipts from Germany increased by 29.2% to €417.4 million and receipts from France rose by 42.5% to €160.7 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 3.0% to €262.3 million, while receipts from the United States grew by 48.1% to €159.2 million. Receipts from Russia also increased, by 575.0% to €4.0 million.
In January-May 2023, travel receipts totalled €3,244.3 million, up by 30.7% relative to the same period of 2022. This development was due to increases in receipts from residents of the EU27 countries by 21.5% to €1,699.7 million and in receipts from residents outside the EU27 by 41.2% to €1,416.4 million. In more detail, receipts from euro area residents rose by 18.9% to €1,461.6 million, while receipts from residents of non-euro area EU27 countries increased by 40.4% to €238.1 million. In particular, receipts from Germany increased by 19.5% to €601.8 million and receipts from France rose by 37.0% to €281.9 million. Turning to non-EU27 countries, receipts from the United Kingdom grew by 7.5% to €398.7 million. Receipts from the United States increased by 71.5% to €306.4 million, while receipts from Russia dropped by 2.9% to €7.8 million.
Inbound traveller flows
The number of inbound travellers in May 2023 rose by 13.9% year-on-year to 2,512.8 thousand. Specifically, traveller flows through airports increased by 14.2% year-on-year and traveller flows through road border-crossing points rose by 9.8%. This overall increase was due to higher traveller flows from both within the EU27 (up by 12.7%) and outside the EU27 (up by 15.8%). In greater detail, travellers from within the euro area grew by 9.2% to 1,170.1 thousand. Travellers from non-euro area EU27 countries also increased, by 27.2% to 333.4 thousand. Specifically, the number of travellers from Germany rose by 17.4% to 513.2 thousand and travellers from France increased by 28.6% to 204.5 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom dropped by 10.2% to 368.9 thousand, while travellers from the United States increased by 62.5% to 154.1 thousand. Finally, the number of travellers from Russia rose to 3.0 thousand.
In January-May 2023, the number of inbound travellers rose by 32.9% to 5,759.5 thousand (January-May 2022: 4,333.9 thousand). Specifically, traveller flows through airports increased by 26.2%, while traveller flows through road border-crossing points rose by 57.6%. In the period under review, the number of travellers from within the EU27 grew by 26.6% year-on-year to 3,200.1 thousand and the number of travellers from outside the EU27 increased by 41.7% to 2,559.5 thousand. The number of travellers from within the euro area rose by 18.6% and travellers from non-euro area EU27 countries increased by 54.6%. Specifically, the number of travellers from Germany rose by 17.9% to 870.9 thousand and the number of travellers from France increased by 31.5% to 401.0 thousand. Turning to non-EU27 countries, travellers from the United Kingdom rose by 2.3% to 639.9 thousand and travellers from the United States increased by 83.3% to 319.0 thousand. Finally, the number of travellers from Russia fell by 33.2% to 7.7 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 June 2023 will be published on 22 August 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.