Developments in the balance of travel services: June 2024
21/08/2024 - Press Releases
- The balance of travel services posted a surplus of €2,861.7 million in June 2024 and a surplus of €5,553.1 million in January-June 2024.
- Travel receipts rose by 7.7% in June 2024 and by 12.2% in January-June 2024.
- Inbound traveller flows increased by 8.8% in June 2024 and by 15.5% in January-June 2024.
Balance of travel services
Based on provisional data, the balance of travel services in June 2024 showed a surplus of €2,861.7 million, up from a surplus of €2,680.7 million in June 2023. More specifically, travel receipts in June 2024 rose by 7.7% to €3,115.0 million, from €2,891.3 million in June 2023, while travel payments also increased by 20.2% (June 2024: €253.3 million, June 2023: €210.6 million). The rise in travel receipts is due to an 8.8% increase in inbound traveller flows, as average expenditure per trip declined by 1.4%. Net travel receipts accounted for 89.7% of total net services’ receipts and more than offset 115.6% of the goods deficit.
In January-June 2024, the balance of travel services showed a surplus of €5,553.1 million, up from a surplus of €5,053.5 million in the corresponding period of 2023. Travel receipts rose by €754.8 million or 12.2% to €6,921.3 million, while travel payments increased by €255.3 million or 22.9% to €1,368.2 million. The rise in travel receipts stemmed from a 15.5% increase in inbound traveller flows, as average expenditure per trip fell by 3.1%. Net travel receipts offset 31.8% of the goods deficit and contributed 76.8% of total net services receipts.
Travel receipts
In June 2024, as aforementioned, travel receipts grew by 7.7% year-on-year. In more detail, receipts from residents of EU27 countries increased by 4.6% to €1,713.0 million, from €1,636.9 million in June 2023, as did receipts from other countries, which grew by 11.0% (June 2024: €1,275.4 million, June 2023: €1,148.9 million). The rise in receipts from within the EU27 is attributed to an increase in receipts from non-euro area EU27 residents by 34.5% (June 2024: €427.6 million, June 2023: €317.9 million), as receipts from euro area residents fell by 2.6% to €1,285.3 million, from €1,319.0 million in June 2023.
Specifically, among major euro area countries of origin, receipts from Germany declined by 1.4% to 522.9 million, whereas receipts from France increased by 1.0% to €163.9 million. Receipts from Italy also grew by 12.9% to €144.9 million. Turning to other countries, receipts from the United Kingdom rose by 42.5% to €608.9 million, while receipts from the United States dropped by 32.8% to €143.1 million. Lastly, receipts from Russia decreased by 60.2% to €2.5 million.
In January-June 2024, travel receipts totalled €6,921.3 million, up by 12.2% year‑on‑year. This development is due to increases in receipts from EU27 residents by 14.8% to €3,815.8 million and in receipts from residents of other countries by 8.4% to €2,818.6 million. In greater detail, receipts from euro area residents rose by 11.8% to €3,104.4 million and receipts from residents of non-euro area EU27 countries increased by 30.1% to €711.4 million.
Specifically, receipts from Germany grew by 7.4% to €1,223.3 million, as did receipts from France, by 2.5% to €445.7 million. Receipts from Italy also increased by 48.8% to €329.0 million. Turning to other countries, receipts from the United Kingdom rose by 19.9% to €1,008.6 million and receipts from the United States increased by 1.0% to €540.1 million. Lastly, receipts from Russia decreased by 70.1% to €5.2 million.
Inbound traveller flows
The number of inbound travellers in June 2024 rose by 8.8% year-on-year to 4,681.8 thousand. Specifically, traveller flows through airports increased by 9.3% relative to June 2023 and traveller flows through road border-crossing points grew by 8.0%. This overall increase is due to higher traveller flows from both the EU27 (up by 7.3%) and other countries (up by 11.3%). In greater detail, travellers from within the euro area rose by 2.1% to 1,818.3 thousand. Travellers from non-euro area EU27 countries also increased, by 18.2% to 1,010.3 thousand.
Specifically, the number of travellers from Germany rose by 2.5% to 701.8 thousand, while the number of travellers from France decreased by 13.5% to 206.7 thousand. Traveller flows from Italy also increased, by 10.3% to 235.4 thousand. Turning to other countries, the number of travellers from the United Kingdom rose by 7.8% to 705.8 thousand, whereas travellers from the United States decreased by 11.2% to 185.9 thousand. Lastly, the number of travellers from Russia dropped by 48.5% to 2.9 thousand.
In January-June 2024, the number of inbound travellers rose by 15.5% to 11,625.6 thousand (January-June 2023: 10,061.8 thousand). Specifically, traveller flows through airports grew by 16.1%, while traveller flows through road border-crossing points also increased by 15.2%. In the period under review, the number of travellers from within the EU27 rose by 17.3% year‑on‑year to 6,846.8 thousand, while travellers from other countries increased by 13.1% to 4,778.8 thousand. The number of travellers from within the euro area rose by 18.0% and travellers from non‑euro area EU27 countries increased by 15.7%.
Specifically, the number of travellers from Germany rose by 13.6% to 1,766.2 thousand, as did the number of travellers from France, by 5.6% to 676.1 thousand. Traveller flows from Italy also grew, by 39.1% to 588.6 thousand. Turning to other countries, the number of travellers from the United Kingdom increased by 6.0% to 1,371.6 thousand, while travellers from the United States rose by 9.5% to 578.4 thousand. Lastly, the number of travellers from Russia fell by 58.6% to 5.5 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 July 2024 will be published on 23 September 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.