Developments in the balance of travel services: March 2024
22/05/2024 - Press Releases
- The balance of travel services posted a surplus of €136.6 million in March 2024 and of €366.6 million in January-March 2024.
- Travel receipts rose by 34.2% in March 2024 and by 28.2% in January-March 2024.
- Inbound traveller flows increased by 31.2% in March 2024 and by 24.5% in January-March 2024.
Balance of travel services
Based on provisional data, the balance of travel services in March 2024 showed a surplus of €136.6 million, up from a surplus of €122.5 million in March 2023. More specifically, travel receipts in March 2024 rose by 34.2% to €372.3 million, from €277.5 million in March 2023, while travel payments also increased by 52.1% (March 2024: €235.6 million; March 2023: €154.9 million). The rise in travel receipts is attributed to a 31.2% increase in inbound traveller flows, as well as to a rise of 3.2% in average expenditure per trip. Net travel receipts offset 5.3% of the goods deficit and contributed 34.0% to total net receipts from services.
In January-March 2024, the balance of travel services showed a surplus of €366.6 million, up from a surplus of €293.3 million in the same period of 2023. Travel receipts rose by €207.0 million or 28.2% to €942.0 million, while travel payments also increased by €133.7 million or 30.3% to €575.4 million. The rise in travel receipts is attributed to a 24.5% increase in inbound traveller flows and a 3.4% rise in average expenditure per trip. Net travel receipts offset 4.4% of the goods deficit and contributed 30.2% to total net receipts from services.
Travel receipts
In March 2024, as mentioned previously, travel receipts rose by 34.2% year-on-year. In more detail, receipts from residents of EU27 countries increased by 30.3% to €166.2 million, up from €127.5 million in March 2023, as did receipts from other countries, which grew by 40.3% (March 2024: €190.6 million; March 2023: €135.8 million). The rise in receipts from within the EU27 was driven by increases in receipts mainly from euro area residents by 37.6% (March 2024: €141.2 million; March 2023: €102.6 million), while receipts from residents of non-euro area EU27 countries stood at €25.0 million, almost unchanged from March 2023. More specifically, among major euro area countries of origin, receipts from Germany rose by 36.9% to €37.7 million, while receipts from France increased by 24.4% to €16.0 million. Receipts from Italy also increased by 127.0% to €27.1 million. Turning to other countries, receipts from the United Kingdom rose by 41.7% to €23.8 million, while receipts from the United States also increased by 44.0% to €54.7 million. Finally, receipts from Russia stood at €1.9 million, almost unchanged from March 2023.
In January-March 2024, travel receipts totalled €942.0 million, up by 28.2% relative to the same period of 2023. This development was due to increases in receipts from residents of the EU27 by 48.2% to €470.0 million and in receipts from residents in other countries by 13.1% to €451.4 million. In greater detail, receipts from euro area residents rose by 44.5% to €381.7 million and receipts from residents of non-euro area EU27 countries increased by 66.5% to €88.3 million. Specifically, receipts from Germany rose by 43.8% to €96.4 million, as did those from Italy by 89.9% to €57.6 million, whereas receipts from France dropped by 3.7% to €50.2 million. Turning to other countries, receipts from the United Kingdom rose by 4.8% to €57.0 million and receipts from the United States increased by 32.4% to €100.8 million. Finally, receipts from Russia decreased by 39.2% to €1.9 million.
Inbound traveller flows
The number of inbound travellers in March 2024 rose by 31.2% year-on-year to 874.0 thousand. Specifically, traveller flows through airports increased by 35.2% year-on-year and traveller flows through road border-crossing points rose by 26.6%. This overall increase was due to higher traveller flows from both within the EU27 (up by 23.9%) and other countries (up by 39.3%). In greater detail, travellers from within the euro area increased by 35.7% to 281.7 thousand. Travellers from non-euro area EU27 countries also increased by 6.4% to 149.6 thousand. Specifically, the number of travellers from Germany rose by 37.2% to 71.6 thousand and travellers from France increased by 204.2% to 48.2 thousand. Traveller flows from Italy also increased by 53.1% to 42.4 thousand. Turning to other countries, the number of travellers from the United Kingdom increased by 8.4% to 53.5 thousand, while travellers from the United States also increased by 34.8% to 66.7 thousand. Finally, the number of travellers from Russia fell by 51.1% to 1.2 thousand.
In January-March 2024, the number of inbound travellers rose by 24.5% to 2,332.5 thousand (January-March 2023: 1,874.2 thousand). Specifically, traveller flows through airports grew by 24.6%, while traveller flows through road border-crossing points increased by 25.7%. In the period under review, the number of travellers from within the EU27 rose by 32.1% year-on-year to 1,187.1 thousand, while travellers from other countries increased by 17.4% to 1,145.4 thousand. The number of travellers from within the euro area rose by 34.2% and travellers from non-euro area EU27 countries increased by 28.1%. Specifically, the number of travellers from Germany rose by 29.3% to 204.3 thousand, as did the number of travellers from France, by 27.3% to 118.1 thousand. Traveller flows from Italy also increased by 39.2% to 105.1 thousand. Turning to other countries, the number of travellers from the United Kingdom fell by 20.4% to 118.1 thousand, whereas travellers from the United States increased by 87.8% to 162.4 thousand. Finally, the number of travellers from Russia fell by 72.6% to 1.2 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 April 2024 will be published on 21 June 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.