Developments in the balance of travel services: May 2024
23/07/2024 - Press Releases
- The balance of travel services posted a surplus of €1,649.0 million in May 2024 and a surplus of €2,691.4 million in January-May 2024.
- Travel receipts rose by 6.8% in May 2024 and by 16.2% in January-May 2024.
- Inbound traveller flows increased by 21.3% in May 2024 and by 20.6% in January-May 2024.
Balance of travel services
Based on provisional data, the balance of travel services in May 2024 showed a surplus of €1,649.0 million, up from a surplus of €1,605.0 million in May 2023. More specifically, travel receipts in May 2024 rose by 6.8% to €1,934.8 million, from €1,811,3 million in May 2023, while travel payments also increased by 38.5% (May 2024: €285.8 million, May 2023: €206.3million). The rise in travel receipts is due to a 21.3% increase in inbound traveller flows, as average expenditure per trip declined by 12.2%. Net travel receipts offset 47.8% of the goods deficit and contributed 87.3% to total net receipts from services.
In January-May 2024, the balance of travel services showed a surplus of €2,691.4 million, up from a surplus of €2.372,9 million in the same period of 2023. Travel receipts rose by €531.2million, or 16.2%, to €3,806.3 million, while travel payments increased by €212.6million, or 23.6%, to €1,114.9 million. The rise in travel receipts stemmed from a 20.6% increase in inbound traveller flows, as average expenditure per trip fell by 3.6%. Net travel receipts offset 18.0% of the goods deficit and contributed 66.6% to total net receipts from services.
Travel receipts
In May 2024, as mentioned previously, travel receipts grew by 6.8% year-on-year. In more detail, receipts from residents of EU27 countries increased by 10.5% to €1,112.2 million, from €1,006.2 million in May 2023, as did receipts from other countries, which grew by 0.8% (May 2024: €730.2 million, May 2023: €724.8 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 8.4% to €957.3 million (May 2023: €883.2 million) and in receipts from residents of non-euro area EU27 countries by 26.0% to €154.9 million. More specifically, among major euro area countries of origin, receipts from Germany declined by 0.9% to €425.1 million, whereas receipts from France increased by 1.6% to €155.4 million. Receipts from Italy also increased by 68.6% to €63.0 million. Turning to other countries, receipts from the United Kingdom rose by 1.6% to €284.0 million whereas receipts from the United States fell by 9.0% to €155.7 million, as did receipts from Russia by 82.1% to €1.1 million.
In January-May 2024, travel receipts totalled €3,806.3 million, up by 16.2% relative to the same period of 2023. This development is due to increases in receipts from residents of the EU27 by 24.7% to €2,102.8 million and in receipts from residents of other countries by 6.4% to €1,543.2 million. In greater detail, receipts from euro area residents rose by 24.8% to €1,819.0million and receipts from residents of non-euro area EU27 countries increased by 24.0% to €283.8 million. Specifically, receipts from Germany rose by 15.1% to €700.4 million, as did receipts from France, by 3.4% to €281.8 million. Receipts from Italy increased by 98.4% to €184.1 million. Turning to other countries, receipts from the United Kingdom decreased by 3.4% to €399.7 million, whereas receipts from the United States increased by 23.4% to €397.0million. Finally, receipts from Russia decreased by 75.7% to €2.7 million.
Inbound traveller flows
The number of inbound travellers in May 2024 rose by 21.3% year-on-year to 3,047.8thousand. Specifically, traveller flows through airports increased by 19.6% relative to May 2023 and traveller flows through road border-crossing points grew by 34.7%. This overall increase is due to higher traveller flows from both the EU27 (up by 23.8%) and other countries (up by 17.5%). In greater detail, the number of travellers from within the euro area rose by 25.8% to 1,472.3 thousand. Τravellers from non-euro area EU27 countries also increased, by 16.8% to 389.3 thousand. Specifically, the number of travellers from Germany rose by 18.0% to 605.4thousand and travellers from France increased by 25.6% to 256.7thousand. Traveller flows from Italy also increased, by 85.5% to 130.5 thousand. Turning to other countries, the number of travellers from the United Kingdom increased by 24.1% to 457.6 thousand, whereas travellers from the United States decreased by 18.8% to 125.0thousand. Finally, the number of travellers from Russia fell by 52.3% to 1.4 thousand.
In January-May 2024, the number of inbound travellers rose by 20.6% to 6,943.9 thousand (January-May 2023: 5,759.5 thousand). Specifically, traveller flows through airports grew by 21.5%, while traveller flows through road border-crossing points increased by 19.9%. In the period under review, the number of travellers from within the EU27 rose by 25.6% year‑on‑year to 4,018.3 thousand, while travellers from other countries increased by 14.3% to 2,925.6thousand. Travellers from within the euro area increased by 30.2% and travellers from non-euro area EU27 countries increased by 13.2%. Specifically, the number of travellers from Germany rose by 22.2% to 1,064.4 thousand, as did the number of travellers from France, by 17.0% to 469.4 thousand. Traveller flows from Italy also grew, by 68.3% to 353.2 thousand. Turning to other countries, the number of travellers from the United Kingdom increased by 4.1% to 665.8 thousand, while travellers from the United States increased by 23.0% to 392.5thousand. Finally, the number of travellers from Russia fell by 65.9% to 2.6 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 2024 will be published on 21 August 2024, in accordance with the 2024 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.