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Developments in the balance of travel services: July 2021

21/09/2021 - Press Releases

  • The balance of travel services posted a surplus of €2,138 million in July 2021 and a surplus of €2,964 million in January-July 2021.
  • Travel receipts rose by 235.6% in July 2021 and by 139.7% in January-July 2021.
  • Inbound traveller flows increased by 240.2% in July 2021 and by 51.4% in January-July 2021.


 

Balance of travel services

Based on provisional data, the balance of travel services in July 2021 showed a surplus of €2,138 million, up from a surplus of €610 million in July 2020. More specifically, travel receipts rose by 235.6% to €2,275 million in July 2021, from €678 million in July 2020, while travel payments also increased by 103.4% (July 2021: €138 million, July 2020: €68 million). The rise in travel receipts was due to a 240.2% increase in inbound traveller flows, as average expenditure per trip declined by 1.9%. Net receipts from travel services offset 95.7% of the goods deficit and contributed 86.8% to total net receipts from services.

In January-July 2021, the balance of travel services showed a surplus of €2,964 million, up from a surplus of €867million in the same period of 2020. Travel receipts rose by €1,972 million or 139.7% to €3,384 million, whereas travel payments decreased by €126 million or 23.0% to €420 million. The rise in travel receipts is attributed to a 51.4% increase in inbound traveller flows, as well as to a rise of 57.3% in average expenditure per trip. Net receipts from travel services offset 22.6% of the goods deficit and contributed 63.7% to total net receipts from services.


 

Travel receipts

In July 2021, as mentioned previously, travel receipts rose by 235.6% year-on-year. In more detail, receipts from residents of EU27 countries increased by 190.4% to €1,549 million, while receipts from outside the EU27 increased by 393.2% (July 2021: €712 million, July 2020: €144 million). The rise in receipts from within the EU27 was due to increases in receipts from euro area residents by 179.7% to €1,172 million (July 2020: €419 million) and in receipts from residents of non-euro area EU27 countries by 229.1% to €377 million. Among major euro area countries of origin, receipts from Germany rose by 106.7% to €396 million and receipts from France increased by 306.1% to €240 million. Turning to non-EU27 countries, receipts from the United Kingdom increased by 237.0% to €231 million and receipts from the United States increased by 3,523.5% to €151 million. Receipts from Russia also increased, by 6,591.0% to €31 million.

In January-July 2021, travel receipts increased by €139.7% year-on-year to €3,384 million. This development was driven by a 176.9% increase in receipts from residents of the EU27, which rose to €2,318 million, and by an 81.3% rise in receipts from residents outside the EU27 to €1,037 million. In greater detail, receipts from euro area residents rose by 170.1% to €1,770 million, while receipts from residents of non-euro area EU27 countries increased by 201.4% to €548 million. In particular, receipts from Germany increased by 157.7% year-on-year to €671 million and receipts from France increased by 348.0% to €345 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 143.3% to €303 million, while receipts from the United States increased by 200.6% to €194 million. Receipts from Russia also increased, by 205.4% to €34 million.

Inbound traveller flows

The number of inbound travellers in July 2021 rose by 240.2% year-on-year to 2,817 thousand. Specifically, traveller flows through airports increased by 254.3% relative to July 2020 and traveller flows through road border-crossing points rose by 220.8%. This overall increase was due to higher traveller flows from both within the EU27 (up by 211.8%) and outside the EU27 (up by 352.7%). In greater detail, the number of travellers from within the euro area rose by 229.8% to 1,371 thousand, while travellers from non-euro area EU27 countries increased by 181.4% to 691 thousand. In particular, the number of travellers from Germany increased by 178.6% to 460 thousand and travellers from France increased by 393.9% to 261 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 187.3% to 178 thousand, while the number of travellers from the United States increased by 4,214.3% to 97 thousand and from Russia by 6,099.5% to 27 thousand.

In January-July 2021, the number of inbound travellers rose by 51.4% to 4,550 thousand (January-July 2020: 3,006 thousand). Specifically, traveller flows through airports increased by 103.9%, whereas traveller flows through road border-crossing points declined by 16.6%. In the period under review, the number of travellers from within the EU27 rose by 81.0% year-on-year to 3,245 thousand and travellers from outside the EU27 increased by 7.6% to 1,305 thousand. The number of travellers from within the euro area rose by 134.2%, while travellers from non-euro area EU27 countries increased by 24.1%. Specifically, the number of travellers from Germany increased by 156.3% to 801 thousand and travellers from France increased by 343.6% to 389 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 49.9% to 268 thousand, while the number of travellers from the United States increased by 53.2% to 135 thousand and from Russia by 38.3% to 31 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 August 2021 will be published on 22 October 2021, 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.

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