Developments in the balance of travel services: March 2023
23/05/2023 - Press Releases
- The balance of travel services posted a surplus of €100.2 million in March 2023 and of €233.2 million in January‑March 2023.
- Travel receipts rose by 45.6% in March 2023 and by 63.8% in January‑March 2023.
- Inbound traveller flows increased by 60.8% in March 2023 and by 74.7% in January‑March 2023.
Balance of travel services
Based on provisional data, the balance of travel services in March 2023 showed a surplus of €100.2 million, up from a surplus of €51.2 million in March 2022. More specifically, travel receipts in March 2023 rose by 45.6% to €267.6 million, from €183.7 million in March 2022, while travel payments also increased by 26.4% (March 2023: €167.4 million; March 2022: €132.5 million). The rise in travel receipts was due to a 60.8% increase in inbound traveller flows, as average expenditure per trip declined by 9.5%. Net travel receipts offset 3.8% of the goods deficit and contributed 24.9% to total net services receipts.
In January‑March 2023, the balance of travel services showed a surplus of €233.2 million, up from a surplus of €150.1 million in the same period of 2022. Travel receipts rose by €285.4 million or 63.8% to €732.9 million, while travel payments increased by €202.3 million or 68.0% to €499.6 million. The rise in travel receipts resulted from an 74.7% increase in inbound traveller flows, as average expenditure per trip fell by 6.2%. Net travel receipts offset 3.2% of the goods deficit and contributed 23.4% of total net services receipts.
Travel receipts
In March 2023, as mentioned previously, travel receipts rose by 45.6% year‑on‑year. In more detail, receipts from residents of EU27 countries increased by 38.3% to €120.8 million, while receipts from outside the EU27 grew by 52.4% (March 2023: €142.8 million; March 2022: €93.7 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 33.6% (March 2023: €99.0 million; March 2022: €74.1 million) and in receipts from residents of non‑euro area EU27 countries by 64.3% to €21.8 million. More specifically, among major euro area countries of origin, receipts from Germany declined by 12.0% to €23.4 million, whereas receipts from France increased by 17.1% to €13.3 million. Turning to non‑EU27 countries, receipts from the United Kingdom rose by 9.3% to €17.1 million, while receipts from the United States increased by 107.9% to €38.5 million. Receipts from Russia also grew, by 33.1% to €2.2 million.
In January‑March 2023, travel receipts totalled €732.9 million, up by 63.8% relative to the same period of 2022. This development was due to increases in receipts from residents of the EU27 by 31.8% to €318.7 million and in receipts from residents outside the EU27 by 102.2% to €409.6 million. In greater detail, receipts from euro area residents rose by 35.8% to €266.9 million, while receipts from residents of non‑euro area EU27 countries increased by 14.5% to €51.8 million. Specifically, receipts from Germany fell by 3.5% to €63.3 million, while receipts from France increased by 136.8% to €57.9 million. Turning to non‑EU27 countries, receipts from the United Kingdom grew by 35.9% to €54.9 million. Receipts from the United States increased by 98.4% to €67.0 million, while receipts from Russia dropped by 46.6% to €3.2 million.
Inbound traveller flows
The number of inbound travellers in March 2023 rose by 60.8% year‑on‑year to 666.1 thousand. Specifically, traveller flows through airports increased by 45.1% year‑on‑year and traveller flows through road border‑crossing points rose by 99.5%. This increase was due to higher traveller flows from both within the EU27 (up by 67.6%) and outside the EU27 (up by 53.9%). In greater detail, travellers from within the euro area rose by 35.2% to 207.7 thousand. Travellers from non‑euro area EU27 countries also increased by 159.5% to 140.6 thousand. Specifically, the number of travellers from Germany declined by 5.9% to 52.2 thousand, whereas the number of travellers from France fell by 42.9% to 15.8 thousand. Turning to non‑EU27 countries, the number of travellers from the United Kingdom increased by 40.4% to 49.4 thousand, while travellers from the United States also grew by 136.5% to 49.4 thousand. Finally, the number of travellers from Russia increased by 76.1% to 2.5 thousand.
In January‑March 2023, the number of inbound travellers rose by 74.7% to 1,874.2 thousand (January‑March 2022: 1,072.7 thousand). Specifically, traveller flows through airports increased by 64.6%, while traveller flows through road border‑crossing points rose by 104.7%. In the period under review, the number of travellers from within the EU27 grew by 51.7% year‑on‑year to 898.7 thousand and of travellers from outside the EU27 by 103.0% to 975.5 thousand. The number of travellers from within the euro area rose by 40.2% and of travellers from non‑euro area EU27 countries by 80.4%. Specifically, the number of travellers from Germany rose by 4.4% to 158.0 thousand, as did the number of travellers from France, by 72.7% to 92.8 thousand. Turning to non‑EU‑27 countries, the number of travellers from the United Kingdom increased by 61.9% to 148.3 thousand, as well as those from the United States by 129.6% to 86.5 thousand. Finally, the number of travellers from Russia fell by 48.4% to 4.5 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 2023 will be published on 21 June 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.