Developments in the balance of travel services: August 2023
23/10/2023 - Press Releases
- The balance of travel services posted a surplus of €4,106.8 million in August 2023 and a surplus of €13,045.1 million in January-August 2023.
- Travel receipts rose by 5.2% in August 2023 and by 15.3% in January-August 2023.
- Inbound traveller flows increased by 10.4% in August 2023 and by 18.4% in January-August 2023.
Balance of travel services
Based on provisional data, the balance of travel services in August 2023 showed a surplus of €4,106.8 million, up from a surplus of €3,948.5 million in August 2022. More specifically, travel receipts rose by 5.2% to €4,350.7 million in August 2023, from €4,134.8 million in August 2022, while travel payments also increased by 30.9% (August 2023: €243.9 million, August 2022: €186.3 million). The rise in travel receipts was due to a 10.4% increase in inbound traveller flows, as average expenditure per trip declined by 5.1%. Net receipts from travel services accounted for 90.9% of total net receipts from services and more than offset (135.6%) the goods deficit.
In January-August 2023, the balance of travel services showed a surplus of €13,045.1 million, up from a surplus of €11,470.4 million in the same period of 2022. Travel receipts rose by €1,943.9 million, or 15.3%, to €14,663.3 million, while travel payments increased by €369.2 million, or 29.6%, to €1,618.3 million. The rise in travel receipts stemmed from a 18.4% increase in inbound traveller flows, as average expenditure per trip fell by 3.4%. Net travel receipts offset 62.1% of the goods deficit and contributed 84.2% to total net receipts from services.
Travel receipts
In August 2023, as mentioned previously, travel receipts rose by 5.2% year-on-year. In more detail, receipts from within the EU27 increased by 1.5% to €2,539.8 million, while receipts from outside the EU27 rose by 10.2% (August 2023: €1,725.5 million, August 2022: €1,565.9 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 0.4% (August 2023: €1,994.6 million, August 2022: €1,987.5 million) and in receipts from residents of non-euro area EU27 countries by 5.7% to €545.2 million. More specifically, among major euro area countries of origin, receipts from Germany declined by 12.7% to €625.6 million, whereas receipts from France increased by 4.6% to €379.7 million. Turning to non-EU27 countries, receipts from the United Kingdom dropped by 5.9% to €755.0 million and receipts from the United States decreased by 6.6% to €188.7 million. Receipts from Russia also decreased, by 54.1% to €3.2 million.
In January-August 2023, travel receipts totalled €14,663.3 million, up 15.3% relative to the same period of 2022. This development was due to increases in receipts from residents of the EU27 by 9.8% to €8,155.4 million and in receipts from residents outside the EU27 by 21.3% to €6,104.3 million. In greater detail, receipts from euro area residents rose by 9.7% to €6,518.6 million, while receipts from residents of non-euro area EU27 countries increased by 10.1% to €1,636.8 million. In particular, receipts from Germany grew by 1.1% to €2,346.0 million, while receipts from France grew by 14.3% to €1,136.3 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 4.9% to €2,360.3 million. Receipts from the United States increased by 24.5% to €938.0 million, while receipts from Russia rose by 2.9% to €26.7 million.
Inbound traveller flows
The number of inbound travellers in August 2023 rose by 10.4% year-on-year to 6,478.8 thousand. Specifically, traveller flows through airports increased by 5.1% year-on-year and traveller flows through road border-crossing points rose by 25.7%. This overall increase was due to higher traveller flows from both within the EU27 (up by 6.3%) and outside the EU27 (up by 18.4%). In greater detail, the number of travellers from within the euro area rose by 1.8% to 2,518.0 thousand. Travellers from non-euro area EU27 countries also increased by 14.3% to 1,589.7 thousand. Specifically, the number of travellers from Germany fell by 7.1% to 768.4 thousand, as did the number of travellers from France, by 3.7% to 397.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom fell by 5.8% to 919.7 thousand, whereas travellers from the United States increased by 50.3% to 200.3 thousand. Finally, the number of travellers from Russia decreased by 14.2% to 5.9 thousand.
In January-August 2023, the number of inbound travellers rose by 18.4% to 22,649.1 thousand (January-August 2022: 19,126.4 thousand). Specifically, traveller flows through airports grew by 12.4%, while traveller flows through road border-crossing points increased by 38.4%. In the period under review, the number of travellers from within the EU27 rose by 15.9% year-on-year to 13,827.6 thousand, while travellers from outside the EU27 increased by 22.6% to 8,821.5 thousand. The number of travellers from within the euro area rose by 10.3% and travellers from non-euro area EU27 countries increased by 27.7%. Specifically, the number of travellers from Germany rose by 6.1% to 3,070.1 thousand, while the number of travellers from France increased by 7.3% to 1,410.3 thousand. Turning to non-EU‑27 countries, the number of travellers from the United Kingdom rose by 0.3% to 3,016.0 thousand and travellers from the United States increased by 44.9% to 937.7 thousand. Finally, the number of travellers from Russia fell by 5.0% to 25.5 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 September 2023 will be published on 21 November 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.