Developments in the balance of travel services: February 2022
21/04/2022 - Press Releases
-The balance of travel services posted a surplus of €63.0 million in February 2022 and of €123.8 million in January-February 2022.
-Travel receipts rose by 302.6% in February 2022 and by 306.2% in January-February 2022.
-Inbound traveller flows increased by 314.8% in February 2022 and by 282.5% in January-February 2022.
Balance of travel services
Based on provisional data, the balance of travel services in February 2022 posted a surplus of €63.0 million, up from a surplus of €5.4 million in February 2021. More specifically, travel receipts in February 2022 rose by 302.6% to €133.0 million, from €33.0 million in February 2021, while travel payments also increased by 152.8% (February 2022: €69.9 million, February 2021: €27.7 million). The rise in travel receipts was due to a 314.8% increase in inbound traveller flows, as average expenditure per trip declined by 3.4%. Net receipts from travel services offset 2.0% of the goods deficit and contributed 23.0% to total net receipts from services.
In January-February 2022, the balance of travel services showed a surplus of €123.8 million, up from a surplus of €7.0 million in the same period of 2021. Travel receipts rose by €205.8 million or 306.2% to €273.0 million, while travel payments increased by €89.0 million or 147.9% to €149.2 million. The rise in travel receipts is attributed to a 282.5% increase in inbound traveller flows, as well as to a rise of 5.8% in average expenditure per trip. Net receipts from travel services offset 2.0% of the goods deficit and contributed 18.8% to total net receipts from services.
Travel receipts
In February 2022, as mentioned previously, travel receipts rose by 302.6% year-on-year. In more detail, receipts from residents of EU27 countries increased by 291.7% to €72.5 million, while receipts from outside the EU27 increased by 312.5% (February 2022: €59.9 million, February 2021: €14.5 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 261.2% to €52.8 million (February 2021: €14.6 million) and in receipts from residents of non-euro area EU27 countries by 406.6% to €19.7 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 264.2% to €18.2 million and receipts from France increased by 420.7% to €5.5 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 427.0% to €13.1 million and receipts from the United States increased by 1,702.1% to €7.8 million. Receipts from Russia also increased considerably, to €4.0 million.
In January-February 2022, travel receipts totalled €273.0 million, up by 306.2% relative to the same period of 2021. This development was driven by a 280.3% increase in receipts from residents of the EU27, to €152.6 million, and by a 340.8% rise in receipts from residents outside the EU27 to €119.4 million. In greater detail, receipts from euro area residents rose by 278.8% to €115.4 million, while receipts from residents of non-euro area EU27 countries increased by 285.0% to €37.2 million. In particular, receipts from Germany increased by 243.5% to €39.6 million and receipts from France increased by 451.4% to €10.9 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 477.2% to €29.5 million, while receipts from the United States increased by 2,308.1% to €14.8 million. Receipts from Russia also increased considerably, to €4.9 million.
Inbound traveller flows
The number of inbound travellers in February 2022 rose by 314.8% year-on-year to 317.0 thousand. Specifically, traveller flows through airports increased by 575.6% year-on-year and traveller flows through road border-crossing points rose by 197.4%. This overall increase was due to higher traveller flows from both within the EU27 (up by 371.5%) and outside the EU27 (up by 253.6%). In greater detail, the number of travellers from within the euro area rose by 433.7% to 118.6 thousand, while travellers from non-euro area EU27 countries increased by 292.3% to 68.4 thousand. Specifically, the number of travellers from Germany increased by 429.4% to 41.7 thousand and travellers from France increased by 320.8% to 10.2 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 544.9% to 23.1 thousand, while the number of travellers from the United States increased by 1,652.2% to 6.0 thousand and from Russia by 3,103.2% to 5.1 thousand.
In January-February 2022, the number of inbound travellers rose by 282.5% to 658.4 thousand (January-February 2021: 172.2 thousand). Specifically, traveller flows through airports increased by 431.4%, as did traveller flows through road border-crossing points, by 190.8%. In the period under review, the number of travellers from within the EU27 rose by 278.9% year-on-year to 384.5 thousand, whereas travellers from outside the EU27 increased by 287.6% to 273.9 thousand. The number of travellers from within the euro area rose by 328.4%, while travellers from non-euro area EU27 countries increased by 199.9%. Specifically, travellers from Germany increased by 255.2% to 96.0 thousand and from France by 378.6% to 26.0 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 507.4% to 56.4 thousand, while the number of travellers from the United States increased by 1,466.7% to 16.8 thousand and from Russia by 1,417.1% to 7.2 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 2022 will be published on 23 May 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.