Developments in the balance of travel services: December 2021
22/02/2022 - Press Releases
- The balance of travel services posted a surplus of €64.0 million in December 2021 and of €9,533.8 million in the year 2021.
- Travel receipts rose by 406.9% in December 2021 and by 146.7% in the year 2021.
- Inbound traveller flows increased by 294.0% in December 2021 and by 99.4% in the year 2021.
Balance of travel services
Based on provisional data, the balance of travel services in December 2021 showed a surplus of €64.0 million, up from a surplus of €2.2 million in December 2020. More specifically, travel receipts rose by 406.9% to €176.6 million in December 2021, from €34.8 million in December 2020, while travel payments also increased by 244.4% (December 2021: €112.6 million, December 2020: €32.7 million). The rise in travel receipts was due to a 294.0% increase in inbound traveller flows and a 25.7% rise in average expenditure per trip. Net receipts from travel services offset 2.3% of the goods deficit and contributed 14.8% to total net receipts from services.
In the year 2021, the balance of travel services showed a surplus of €9,533.8 million, up from a surplus of €3,525.9 million in 2020. Travel receipts rose by €6,334.3 million or 146.7% to €10,653.1 million, while travel payments also increased by €326.4 million or 41.2% to €1,119.2 million. The rise in travel receipts was due to a 99.4% increase in inbound traveller flows, as well as to a rise of 22.1% in average expenditure per trip. Net receipts from travel services offset 37.2% of the goods deficit and contributed 72.6% to total net receipts from services.
Travel receipts
In December 2021, as previously mentioned, travel receipts rose by 406.9% year-on-year. In more detail, receipts from residents of EU27 countries increased by 283.3% to €75.7 million, while receipts from outside the EU27 increased by 542.0% (December 2021: €96.8 million, December 2020: €15.1 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 290.4% to €60.7 million (December 2020: €15.5 million) and in receipts from residents of non-euro area EU27 countries by 256.8% to €15.0 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 178.3% to €17.6 million and receipts from France increased by 510.0% to €8.7 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 503.2% to €25.7 million and receipts from the United States increased by 756.7% to €9.2 million. Receipts from Russia also increased, by 1,706.9% to €7.6 million.
In the year 2021, travel receipts increased by 146.7% compared with the previous year, to €10.653.1 million. This development was driven by a 141.2% increase in receipts from residents of the EU27, which rose to €6,894.6 million, and by a 147.7% rise in receipts from residents outside the EU27 to €3,596.4 million. In greater detail, receipts from euro area residents rose by 133.7% to €5,622.2 million, while receipts from residents of non-euro area EU27 countries increased by 181.1% to €1,272.4 million. In particular, receipts from Germany increased by 108.9% from the previous year to €2,369.5 million and receipts from France increased by 172.0% to €999.4 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 97.9% to €1,495.6 million, while receipts from the United States increased by 605.3% to €607.0 million. Receipts from Russia also increased, by 705.2% to €115.2 million.
Inbound traveller flows
The number of inbound travellers in December 2021 rose by 294.0% year-on-year to 380.5 thousand. Specifically, traveller flows through airports increased by 464.4% compared with December 2020 and traveller flows through road border-crossing points rose by 192.1%. This overall increase was due to higher traveller flows from both within the EU27 (up by 219.7%) and outside the EU27 (up by 373.4%). In greater detail, the number of travellers from within the euro area rose by 277.7% to 127.8 thousand, while travellers from non-euro area EU27 countries increased by 97.6% to 31.7 thousand. In particular, the number of travellers from Germany increased by 297.6% to 43.2 thousand and travellers from France increased by 503.4% to 15.1 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 497.5% to 42.9 thousand, while the number of travellers from the United States increased by 522.8% to 14.4 thousand and from Russia by 778.9% to 8.0 thousand.
In the year 2021, the number of inbound travellers rose by 99.4% to 14,704.9 thousand (2020: 7,374.5 thousand). Specifically, traveller flows through airports increased by 109.5%, as did traveller flows through road border-crossing points, by 69.5%. In the year under review, the number of travellers from within the EU27 rose by 107.0% from the previous year to 10,123.0 thousand and travellers from outside the EU27 increased by 84.4% to 4,581.9 thousand. The number of travellers from within the euro area rose by 113.5%, while travellers from non-euro area EU27 countries increased by 91.6%. Specifically, travellers from Germany increased by 96.6% to 3,001.2 thousand and travellers from France increased by 150.5% to 1,174.5 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 48.9% to 1,591.2 thousand, while the number of travellers from the United States increased by 271.6% to 396.0 thousand and from Russia by 365.3% to 119.5 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 January 2022 will be published on 24 March 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.