Developments in the balance of travel services: July 2024
23/09/2024 - Press Releases
- The balance of travel services posted a surplus of €3,755.4 million in July 2024 and a surplus of €9,308.5 million in January-July 2024.
- Travel receipts dropped by 4.2% in July 2024, while they grew by 5.6% in January-July 2024.
- Inbound traveller flows increased by 4.1% in July 2024 and by 11.2% in January-July 2024.
Balance of travel services
Based on provisional data, the balance of travel services in July 2024 showed a surplus of €3,755.4 million, down from a surplus of €3,951.9 million in July 2023. More specifically, travel receipts in July 2024 fell by 4.2% to €4,031.4 million, from €4,208.8 million in July 2023, while travel payments increased by 7.5% (July 2024: €276.1 million, July 2023: €256.8 million). The fall in travel receipts is due to a 9.1% decline in average expenditure per trip, as inbound traveller flows increased by 4.1%. Net travel receipts more than offset (132.0%) the goods deficit and accounted for 90.4% of total net receipts from services.
In January-July 2024, the balance of travel services showed a surplus of €9,308.5 million, up from a surplus of €9,005.5 million in the same period of 2023. Travel receipts rose by €577.5 million, or 5.6%, to €10,952.7 million, while travel payments increased by €274.5 million, or 20.0%, to €1,644.3 million. The rise in travel receipts stemmed from an 11.2% increase in inbound traveller flows, as average expenditure per trip fell by 5.7%. Net travel receipts offset 45.8% of the goods deficit and contributed 81.7% to total net receipts from services.
Travel receipts
In July 2024, as mentioned previously, travel receipts declined by 4.2% year-on-year. In more detail, receipts from residents of EU27 countries dropped by 2.9% to €2,213.4 million, from €2,278.7 million in July 2023, as receipts from other countries also fell by 8.6% to €1,651.8 million (July 2023: €1,806.9 million). The drop in receipts from within the EU27 was driven by an 8.3% decrease in receipts from euro area residents (July 2024: €1,621.0 million, July 2023: €1,766.9 million), as receipts from residents of non-euro area EU27 countries rose by 15.8% to €592.4 million, from €511.8 million in July 2023.
Specifically, among major euro area countries of origin, receipts from Germany fell by 9.9% to €539.9 million, while receipts from France fell by 34.2% to €229.6 million. Receipts from Italy also decreased, by 1.5% to €276.3 million. Turning to other countries, receipts from the United Kingdom rose by 1.2% to €720.1 million, while receipts from the United States dropped by 11.7% to €219.4 million. Lastly, receipts from Russia decreased by 52.7% to €3.2 million.
In January-July 2024, travel receipts totalled €10,952.7 million, up by 5.6% year-on-year. This development is due to increases in receipts from EU27 residents by 7.6% to €6,029.2 million and in receipts from residents of other countries by 1.5% to €4,470.3 million. In greater detail, receipts from euro area residents increased by 4.0% to €4,725.4 million, as did those from residents of non-euro area EU27 countries by 23.2% to €1,303.8 million.
Specifically, receipts from Germany grew by 1.4% to €1,763.2 million, whereas receipts from France dropped by 13.8% to €675.3 million. Receipts from Italy increased by 20.7% to €605.3 million. Turning to other countries, receipts from the United Kingdom rose by 11.3% to €1,728.7 million, while receipts from the United States dropped by 3.0% to €759.6 million; receipts from Russia also decreased by 65.2% to €8.3 million.
Inbound traveller flows
The number of inbound travellers in July 2024 rose by 4.1% year-on-year to 6,357.0 thousand. Specifically, traveller flows through airports increased by 4.7% relative to July 2023 and traveller flows through road border-crossing points grew by 3.1%. This overall increase is due to higher traveller flows from both the EU27 (up by 2.2%) and other countries (up by 7.3%). In greater detail, the number of travellers from within the euro area rose by 5.7% to 2,425.3 thousand, while travellers from non-euro area EU27 countries decreased by 2.8% to 1,544.4 thousand.
Specifically, the number of travellers from Germany rose by 12.3% to 838.3 thousand, as did the number of travellers from France by 4.3% to 388.5 thousand. Travellers from Italy decreased by 10.1% to 402.1 thousand. Turning to other countries, the number of travellers from the United Kingdom rose by 11.5% to 894.5 thousand and travellers from the United States increased by 0.5% to 210.2 thousand. Finally, the number of travellers from Russia fell by 44.9% to 3.5 thousand.
In January-July 2024, the number of inbound travellers rose by 11.2% to 17,982.6 thousand (January-July 2023: 16,170.4 thousand). Specifically, traveller flows through airports grew by 12.0%, as did traveller flows through road border-crossing points, by 9.9%. In the period under review, the number of travellers from within the EU27 rose by 11.3% year‑on‑year to 10,816.5 thousand, while travellers from other countries increased by 11.1% to 7,166.2 thousand. The number of travellers from within the euro area rose by 13.6% and travellers from non-euro area EU27 countries increased by 6.8%.
Specifically, the number of travellers from Germany rose by 13.2% to 2,604.6 thousand, as did the number of travellers from France, by 5.2% to 1,064.5 thousand. Travellers from Italy also increased by 13.8% to 990.7 thousand. Turning to other countries, travellers from the United Kingdom increased by 8.1% to 2,266.1 thousand, the number of travellers from the United States rose by 6.9% to 788.6 thousand and the number of travellers from Russia fell by 54.2% to 9.0 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 August 2024 will be published on 22 October 2024, in accordance with the Advance Release Calendar 2024 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.