Press Releases

Developments in the balance of travel services: February 2021

21/04/2021 - Press Releases

Balance of travel services

Based on provisional data, the balance of travel services in February 2021 showed a surplus of €8 million, compared with a surplus of €71 million in February 2020. More specifically, travel receipts in February 2021 fell by 89.4% to €23 million, from €221 million in February 2020, while travel payments also decreased by 89.5% (February 2021: €16 million, February 2020: €151 million). The fall in travel receipts resulted from an 87.8% decline in inbound traveller flows and a 12.8% decrease in average expenditure per trip. Net receipts from travel services offset 0.6% of the goods deficit and contributed by 3.3% of total net receipts from services.

 

In January-February 2021, the balance of travel services showed a surplus of €10 million, down from a surplus of €169 million in the respective period of 2020. Travel receipts fell by €453 million or 90.3% to €49 million, while travel payments also decreased by €294 million or 88.3% to €39 million. The fall in travel receipts resulted from an 87.9% decline in inbound traveller flows and a 19.6% decrease in average expenditure per trip. Net receipts from travel services offset 0.3% of the goods deficit and contributed by 2% of total net receipts from services.

 

 

Travel receipts

In February 2021, as mentioned previously, travel receipts declined by 89.4% year-on-year. In more detail, receipts from residents of EU27 countries fell by 85.7% to €11 million, while receipts from outside the EU27 decreased by 91.3% (February 2021: €13 million, February 2020: €145 million). The lower receipts from within the EU27 were due to decreases in receipts from euro area residents by 87.8% to €8 million (February 2020: €61 million) and in receipts from residents of non-euro area EU27 countries by 76.2% to €3 million. Among major countries of origin, receipts from Germany fell by 80.0% to €3 million and receipts from France decreased by 87.7% to €1 million. Turning to non-EU27 countries, receipts from the United Kingdom fell by 89.1% to €2 million, while receipts from the United States and Russia decreased by 98.9% and 97.3%, respectively, to less than a million euros.

 

In January-February 2021, travel receipts decreased by 90.3% to €49 million year-on-year. This development was driven by an 85.7% decline in receipts from residents of EU27 countries, which came to €27 million, and by a 92.9% drop in receipts from residents of non-EU27 countries to €22 million. In further detail, receipts from euro area residents decreased by 89.0% to €18 million, while receipts from residents of non-euro area EU27 countries fell by 67.2% to €9 million. In particular, receipts from Germany dropped by 80.8% to €8 million and receipts from France fell by 87.6% to €1 million. Turning to non-EU27 countries, receipts from the United Kingdom fell by 94.0% to €3 million, while receipts from the United States and Russia declined by 99.1% and €98.6%, respectively, to less than a million euros.

 

Inbound traveller flows[1]

The number of inbound travellers in February 2021 fell by 87.8% year-on-year to 76 thousand. Specifically, traveller flows through airports declined by 92.0% while the respective flows through road border-crossing points, also, fell by 85.5%. This overall decrease was due to lower traveller flows from both within the EU27 (down 86.2%) and outside the EU27 (down 89.2%). In greater detail, the number of travellers from within the euro area fell by 86.3% to 22 thousand, while travellers from non-euro area EU27 countries fell by 86.1% (February 2021: 17 thousand, February 2020: 125 thousand). In particular, the number of travellers from Germany decreased by 82.9% to 8 thousand, while travellers from France also fell by 73.1% to 2 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom fell by 87.7% to 4 thousand, while travellers from the United States and Russia dropped by 98.8% and 96.8%, respectively, to less than a thousand travellers.

 

In January-February 2021, the number of inbound travellers fell by 87.9% to 172 thousand (January-February 2020: 1,417 thousand). Specifically, traveller flows through airports declined by 85.1% and traveller flows through road border-crossing points fell by 85.6%. In the period under review, travellers from within the EU27 dropped by 84.6% year-on-year to 102 thousand, while travellers from outside the EU27 decreased by 90.7% to 71 thousand. The number of travellers from within the euro area fell by 84.2%, while travellers from non-euro area EU27 countries dropped by 85.3%. In particular, the number of travellers from Germany fell by 76.1% to 27 thousand, while travellers from France decreased by 72.1% to 5 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom fell by 90.8% to 9 thousand, while travellers from the United States dropped by 98.3% to one thousand and travellers from Russia decreased by 97.3% to less than a thousand.

 

Note: The next Press Release on “Developments in the balance of travel services” for March 2021 will be published on 24 May 2021, according to the Advance release calendar, as published on the Bank of Greece website.