Developments in the balance of travel services: February 2023
21/04/2023 - Press Releases
- The balance of travel services posted a surplus of €106.8 million in February 2023 and of €133.1 million in January-February 2023.
- Travel receipts rose by 80.9% in February 2023 and by 76.4% in January-February 2023.
- Inbound traveller flows increased by 80.6% in February 2023 and by 83.5% in January-February 2023.
Balance of travel services
Based on provisional data, the balance of travel services in February 2023 showed a surplus of €106.8 million, up from a surplus of €54.9 million in February 2022. More specifically, travel receipts in February 2023 rose by 80.9% to €241.1 million, from €133.3 million in February 2022, while travel payments also increased by 71.2% (February 2023: €134.3 million, February 2022: €78.4 million). The rise in travel receipts stemmed from an 80.6% increase in inbound traveller flows and a 0.2% rise in average expenditure per trip. Net travel receipts offset 4.6% of the goods deficit and contributed 32.9% of total net services receipts.
In January-February 2023, the balance of travel services showed a surplus of €133.1 million, up from a surplus of €98.9 million in the same period of 2022. Travel receipts rose by €201.5 million or 76.4% to €465.3 million, while travel payments increased by €167.4 million or 101.5% to €332.2 million. The rise in travel receipts resulted from an 83.5% increase in inbound traveller flows, as average expenditure per trip fell by 3.8%. Net travel receipts offset 2.8% of the goods deficit and contributed 22.4% of total net services receipts.
Travel receipts
In February 2023, as mentioned previously, travel receipts rose by 80.9% year-on-year. In more detail, receipts from residents of EU27 countries increased by 32.5% to €102.8 million, while receipts from outside the EU27 grew by 148.5% (February 2023: €137.9 million, February 2022: €55.5 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 42.9% (February 2023: €87.1 million, February 2022: €61.0 million), as receipts from residents of non-euro area EU27 countries decreased by 5.6% to €15.7 million. More specifically, among major euro area countries of origin, receipts from Germany declined by 8.8% to €17.6 million, whereas receipts from France increased by 278.0% to €32.5 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 58.1% to €17.6 million, while receipts from the United States increased by 159.0% to €20.3 million. Receipts from Russia decreased by 80.3% to €0.6 million.
In January-February 2023, travel receipts totalled €465.3 million, up by 76.4% relative to the same period of 2022. This development was due to increases in receipts from residents of the EU27 by 28.1% to €197.9 million and in receipts from residents outside the EU27 by 145.0% to €266.8 million. In greater detail, receipts from euro area residents rose by 37.1% to €167.9 million, while receipts from residents of non-euro area EU27 countries decreased by 6.2% to €30.0 million. In particular, receipts from Germany increased by 2.3% to €39.9 million and receipts from France rose by 240.4% to €44.6 million. Turning to non-EU27 countries, receipts from the United Kingdom grew by 52.7% to €37.8 million. Receipts from the United States increased by 86.9% to €28.4 million, while receipts from Russia dropped by 76.8% to €1.0 million.
Inbound traveller flows
The number of inbound travellers in February 2023 rose by 80.6% year-on-year to 572.6 thousand. Specifically, traveller flows through airports increased by 85.5% compared with February 2022, while traveller flows through road border-crossing points rose by 79.0%. This increase was due to higher traveller flows from both within the EU27 (up by 37.1%) and outside the EU27 (up by 143.2%). In greater detail, travellers from within the euro area rose by 46.1% to 174.0 thousand. Τravellers from non-euro area EU27 countries also increased by 21.2% to 82.2 thousand. Specifically, the number of travellers from Germany declined by 1.2% to 41.2 thousand, whereas the number of travellers from France rose by 347.7% to 45.5 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 71.3% to 39.5 thousand, while travellers from the United States also rose by 265.1% to 21.9 thousand. Finally, the number of travellers from Russia fell by 84.6% to 0.8 thousand.
In January-February 2023, the number of inbound travellers rose by 83.5% to 1,208.1 thousand (January-February 2022: 658.4 thousand). Specifically, traveller flows through airports increased by 77.0%, while traveller flows through road border-crossing points rose by 107.9%. In the period under review, the number of travellers from within the EU27 grew by 43.2% year-on-year to 550.4 thousand and of travellers from outside the EU27 by 140.1% to 657.7 thousand. The number of travellers from within the euro area rose by 43.0% and of travellers from non-euro area EU27 countries by 43.4%. Specifically, the number of travellers from Germany rose by 10.3% to 105.9 thousand, as did the number of travellers from France, by 196.2% to 76.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 75.4% to 99.0 thousand, as well as of those from the United States by 121.0% to 37.0 thousand. Finally, the number of travellers from Russia fell by 72.9% to 2.0 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 March 2023 will be published on 23 May 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.