Developments in the balance of travel services: December 2024
21/02/2025 - Press Releases
- The balance of travel services posted a surplus of €149.9 million in December 2024 and of €18,918.1 million in the year 2024.
- Travel receipts rose by 33.3% in December 2024 and by 5.4% in the year 2024.
- Inbound traveller flows grew by 15.3% in December 2024 and by 9.8% in the year 2024.
Balance of travel services
Based on provisional data, the balance of travel services in December 2024 showed a surplus of €149.9 million, up from a surplus of €97.7 million in December 2023. More specifically, travel receipts in December 2024 rose by 33.3% to €435.1 million, from €326.4 million in December 2023, while travel payments also increased by 24.7% (December 2024: €285.2 million, December 2023: €228.7 million). The rise in travel receipts was due both to a 15.3% rise in inbound traveller flows and to a 16.0% increase in average expenditure per trip. Net travel receipts offset 4.7% of the goods deficit and accounted for 31.8% of total net receipts from services.
In the year 2024, the balance of travel services showed a surplus of €18,918.1 million, up from a surplus of €18,162.0 million in 2023. Travel receipts rose by €1,108.3 million, or 5.4%, to €21,702.0 million, while travel payments also increased by €352.2 million, or 14.5%, to €2,783.9 million. The rise in travel receipts stemmed from a 9.8% increase in inbound traveller flows, as average expenditure per trip fell by 5.1%. Net travel receipts offset 53.0% of the goods deficit and contributed 83.2% to total net receipts from services.
Travel receipts
In December 2024, as mentioned previously, travel receipts rose by 33.3% year-on-year to €435.1 million. In more detail, receipts from residents of EU27 countries increased by 54.6% to €235.3 million, from €152.2 million in December 2023, while receipts from residents of other countries increased by 14.4% (December 2024: €187.2 million, December 2023: €163.7 million). The rise in receipts from within the EU27 was due to increases in receipts from euro area residents by 57.4% (December 2024: €201.0 million, December 2023: €127.7 million) and in receipts from residents of non-euro area EU27 countries by 40.2% (December 2024: €34.3 million, December 2023: €24.5 million).
More specifically, among major euro area countries of origin, receipts from Germany rose by 0.9% to €50.4 million, while receipts from France increased by 21.3% to €16.8 million. Receipts from Italy increased by 68.3% to €18.1 million. Turning to other countries, receipts from the United Kingdom rose by 32.7% to €27.6 million, while receipts from the United States increased by 117.7% to €53.1 million. Lastly, receipts from Russia increased by 21.4% to €1.3 million.
In 2024, travel receipts totalled €21,702.0 million, up by 5.4% compared with 2023. This development is attributed to increases in receipts from within the EU27 by 7.0% to €11,948.8million and in receipts from other countries by 0.8% to €8,641.0 million. In greater detail, receipts from euro area residents increased by 4.2% to €9,457.3 million, as did receipts from residents of non-euro area EU27 countries, by 18.8% to €2,491.5 million.
Specifically, receipts from Germany grew by 3.5% to €3,696.1 million, whereas receipts from France fell by 11.4% to €1,262.9 million. Receipts from Italy increased by 13.6% to €1,225.1 million. Turning to other countries, receipts from the United Kingdom dropped by 3.7% to €3,172.5 million, whereas receipts from the United States rose by 15.1% to €1,581.5 million. Lastly, receipts from Russia decreased by 50.8% to €15.9 million.
Inbound traveller flows
The number of inbound travellers in December 2024 rose by 15.3% year-on-year to 882.4thousand. Specifically, traveller flows through airports increased by 33.5% year-on-year, while traveller flows through road border-crossing points dropped by 8.2%. This overall increase was due to higher traveller flows from both EU27 countries (up by 22.7%) and other countries (up by 8.9%). In greater detail, the number of travellers from within the euro area rose by 42.7% to 335.1 thousand, whereas travellers from non-euro area EU27 countries declined by 16.3% to 101.0 thousand.
Specifically, the number of travellers from Germany declined by 12.0% to 73.5 thousand, whereas the number of travellers from France increased by 98.4% to 42.0 thousand. Travellers from Italy increased by 24.8% to 32.4 thousand. Turning to other countries, the number of travellers from the United Kingdom rose by 12.2% to 53.8 thousand, while travellers from the United States increased by 81.9% to 66.7 thousand. Lastly, the number of travellers from Russia fell by 63.2% to 0.9 thousand.
In 2024, the number of inbound travellers rose by 9.8% to 35,951.4 thousand (2023: 32,735.2 thousand). Specifically, traveller flows through airports increased by 10.7%, as did traveller flows through road border-crossing points, by 8.9%. In the period under review, the number of travellers from within the EU27 rose by 11.0% year-on-year to 21,795.1 thousand, while travellers from other countries increased by 8.1% to 14,156.3 thousand. The number of travellers from within the euro area grew by 12.1% and travellers from non-euro area EU27 countries increased by 8.9%.
Specifically, the number of travellers from Germany rose by 13.4% to 5,402.3 thousand, while the number of travellers from France increased by 8.8% to 1,992.4 thousand. Travellers from Italy also increased by 10.0% to 2,025.9 thousand. Turning to other countries, the number of travellers from the United Kingdom fell by 1.0% to 4,545.5 thousand, whereas travellers from the United States increased by 10.0% to 1,547.4 thousand. Finally, the number of travellers from Russia fell by 54.9% to 16.1 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 January 2025 will be published on 26 March 2025, 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.