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Developments in the balance of travel services: April 2023

21/06/2023 - Press Releases

- The balance of travel services posted a surplus of €498.2 million in April 2023 and a surplus of €731.4 million in January-April 2023.

- Travel receipts rose by 19.9% in April 2023 and by 38.0% in January‑April 2023.

- Inbound traveller flows increased by 30.0% in April 2023 and by 52.5% in January‑April 2023.

Balance of travel services

Based on provisional data, the balance of travel services in April 2023 showed a surplus of €498.2 million, up from a surplus of €429.2 million in April 2022. More specifically, travel receipts in April 2023 rose by 19.9% to €761.1 million, from €634.9 million in April 2022, while travel payments also increased by 27.8% (April 2023: €262.9 million, April 2022: €205.7 million). The rise in travel receipts was due to a 30.0% increase in inbound traveller flows, as average expenditure per trip declined by 8.4%. Net travel receipts offset 21.9% of the goods deficit and contributed 60.1% to total net services receipts.

In January‑April 2023, the balance of travel services posted a surplus of €731.4 million, up from a surplus of €579.3 million in the same period of 2022. Travel receipts rose by €411.7 million, or 38.0%, to €1,494.0 million, while travel payments increased by €259.5 million, or 51.6%, to €762.6 million. The rise in travel receipts reflected a 52.5% increase in inbound traveller flows, as average expenditure per trip fell by 9.6%. Net travel receipts offset 7.6% of the goods deficit and contributed 40.1% to total net services receipts.

Travel receipts

In April 2023, as mentioned previously, travel receipts grew by 19.9% year-on-year. In more detail, receipts from residents of EU27 countries increased by 12.5% to €385.2 million, while receipts from outside the EU27 rose by 27.4% (April 2023: €338.4 million, April 2022: €265.6 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 4.6% (April 2023: €326.3 million, April 2022: €311.8 million) and in receipts from residents of non-euro area EU27 countries by 92.2% to €58.9 million. More specifically, among major euro area countries of origin, receipts from Germany increased by 1.9% to €117.3 million, as did receipts from France, by 0.8% to €69.1 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 8.4% to €82.0 million, while receipts from the United States grew by 89.7% to €71.2 million. Receipts from Russia decreased by 48.6% to €0.8 million.

In January-April 2023, travel receipts totalled €1,494.0 million, up by 38.0% relative to the same period of 2022. This development was due to increases in receipts from residents of the EU27 by 20.5% to €703.9 million and in receipts from residents outside the EU27 by 59.8% to €748.0 million. In more detail, receipts from euro area residents rose by 16.7% to €593.2 million, while receipts from residents of non-euro area EU27 countries increased by 45.9% to €110.7 million. Specifically, receipts from Germany remained stable at €180.7 million, while receipts from France rose by 36.6% to €127.0 million. Turning to non-EU27 countries, receipts from the United Kingdom grew by 18.0% to €136.9 million. Receipts from the United States increased by 93.9% to €138.1 million, while receipts from Russia dropped by 47.0% to €4.0 million.

Inbound traveller flows

The number of inbound travellers in April 2023 rose by 30.0% year-on-year to 1,372.6 thousand. Specifically, traveller flows through airports increased by 19.9% year-on-year and traveller flows through road border-crossing points rose by 64.3%. This overall increase was due to higher traveller flows from both within the EU27 (up by 32.7%) and outside the EU27 (up by 26.4%). In greater detail, travellers from within the euro area rose by 20.7% to 570.3 thousand, while travellers from non-euro area EU27 countries increased by 76.5% to 227.6 thousand. Specifically, the number of travellers from Germany rose by 33.2% to 199.7 thousand, as did the number of travellers from France, by 12.3% to 103.8 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom dropped by 0.5% to 122.7 thousand, while travellers from the United States increased by 88.6% to 78.5 thousand. Finally, the number of travellers from Russia fell by 89.5% to 0.3 thousand.

In January-April 2023, the number of inbound travellers rose by 52.5% to 3,246.8 thousand (January-April 2022: 2,128.7 thousand). Specifically, traveller flows through airports increased by 40.7%, while traveller flows through road border-crossing points grew by 88.0%. In the period under review, the number of travellers from within the EU27 rose by 42.1% year-on‑year to 1,696.6 thousand and travellers from outside the EU27 increased by 65.8% to 1,550.1 thousand. Travellers from within the euro area were up by 29.9% and travellers from non-euro area EU27 countries were up by 78.7%. Specifically, the number of travellers from Germany grew by 18.7% to 357.7 thousand and travellers from France rose by 34.5% to 196.6 thousand. Turning to non-EU27 countries, travellers from the United Kingdom rose by 26.1% to 271.0 thousand and travellers from the United States increased by 108.1% to 165.0 thousand. Finally, the number of travellers from Russia fell by 58.9% to 4.8 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 May 2023 will be published on 24 July 2023, as scheduled in 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.

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