Developments in the balance of travel services: March 2022
23/05/2022 - Press Releases
-The balance of travel services posted a surplus of €77.0 million in March 2022 and of €200.8 million in
January-March 2022.
-Travel receipts rose by 404.3% in March 2022 and by 342.2% in January-March 2022.
-Inbound traveller flows increased by 318.9% in March 2022 and by 295.8% in January-March 2022.
Balance of travel services
Based on provisional data, the balance of travel services in March 2022 posted a surplus of €77.0 million, up from a surplus of €8.3 million in March 2021. More specifically, travel receipts in March 2022 rose by 404.3% to €196.7 million, from €39.0 million in March 2021, while travel payments also increased by 289.1% (March 2022: €119.7 million, March 2021: €30.8 million). The rise in travel receipts stemmed from a 318.9% increase in inbound traveller flows and a 17.4% rise in average expenditure per trip. Net receipts from travel services offset 3.0% of the goods deficit and contributed 18.1% to total net receipts from services.
In January-March 2022, the balance of travel services showed a surplus of €200.8 million, up from a surplus of €15.3 million in the same period of 2021. Travel receipts rose by €363.5 million or 342.2% to €469.7 million, while travel payments increased by €177.9 million or 195.6% to €268.9 million. The rise in travel receipts is attributed to a 295.8% increase in inbound traveller flows, as well as to a rise of 10.3% in average expenditure per trip. Net receipts from travel services offset 2.3% of the goods deficit and contributed 18.5% to total net receipts from services.
Travel receipts
In March 2022, as mentioned previously, travel receipts rose by 404.3% year-on-year. In more detail, receipts from residents of EU27 countries increased by 249.9% to €84.8 million, while receipts from outside the EU27 increased by 624.4% (March 2022: €107.0 million, March 2021: €14.8 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 304.5% to €69.6 million (March 2021: €17.2 million) and in receipts from residents of non-euro area EU27 countries by 116.7% to €15.3 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 348.8% to €26.5 million and receipts from France increased by 714.5% to €12.7 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 723.4% to €17.6 million and receipts from the United States increased by 1,955.5% to €19.7 million. Receipts from Russia also increased, by 2,132.9% to €1.0 million.
In January-March 2022, travel receipts totalled €469.7 million, up by 342.2% relative to the same period of 2021. This development was driven by a 268.9% increase in receipts from residents of the EU27, to €237.4 million, and by a 440.9% rise in receipts from residents outside the EU27 to €226.3 million. In greater detail, receipts from euro area residents rose by 288.1% to €185.0 million, while receipts from residents of non-euro area EU27 countries increased by 214.0% to €52.5 million. In particular, receipts from Germany increased by 279.2% to €66.1 million and receipts from France increased by 567.7% to €23.6 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 550.0% to €47.1 million, while receipts from the United States increased by 2,093.2% to €34.5 million. Receipts from Russia also increased considerably, to €5.8 million.
Inbound traveller flows
The number of inbound travellers in March 2022 rose by 318.9% year-on-year to 414.3 thousand. Specifically, traveller flows through airports increased by 561.5% year-on-year and traveller flows through road border-crossing points rose by 194.2%. This overall increase was due to higher traveller flows from both within the EU27 (up by 259.9%) and outside the EU27 (up by 401.6%). In greater detail, the number of travellers from within the euro area rose by 399.5% to 152.7 thousand, while travellers from non-euro area EU27 countries increased by 102.7% to 55.0 thousand. Specifically, the number of travellers from Germany increased by 443.9% to 55.5 thousand and travellers from France increased by 802.6% to 27.7 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 500.8% to 35.2 thousand, while the number of travellers from the United States increased by 1,371.7% to 20.9 thousand and from Russia by 1,494.5% to 1.4 thousand.
In January-March 2022, the number of inbound travellers rose by 295.8% to 1,072.7 thousand (January-March 2021: 271.0 thousand). Specifically, traveller flows through airports increased by 475.5%, as did traveller flows through road border-crossing points, by 192.1%. In the period under review, the number of travellers from within the EU27 rose by 272.0% year-on-year to 592.3 thousand, while travellers from outside the EU27 increased by 329.5% to 480.4 thousand. The number of travellers from within the euro area rose by 351.7% and travellers from non-euro area EU27 countries increased by 160.0%. Specifically, travellers from Germany increased by 306.9% to 151.4 thousand and travellers from France increased by 531.9% to 53.7 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 504.9% to 91.6 thousand, while the number of travellers from the United States increased by 1,412.5% to 37.7 thousand and from Russia by 1,429.3% to 8.6 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 April 2022 will be published on 21 June 2022, 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.