Developments in the balance of travel services: August 2024
22/10/2024 - Press Releases
- The balance of travel services posted a surplus of €4,020.7 million in August 2024 and a surplus of €13,330.6 million in January-August 2024.
- Travel receipts decreased by 1.8% in August 2024, whereas they increased by 3.2% in January-August 2024.
- Inbound traveller flows grew by 6.6% in August 2024 and by 9.9% in January-August 2024.
Balance of travel services
Based on provisional data, the balance of travel services in August 2024 showed a surplus of €4,020.7 million, down from a surplus of €4,090.6 million in August 2023. More specifically, travel receipts in August 2024 fell by 1.8% to €4,249.6 million, from €4,328.2 million in August 2023, while travel payments also decreased by 3.7% (August 2024: €228.9 million, August 2023: €237.6 million). The fall in travel receipts was due to an 8.8% decline in average expenditure per trip, as inbound traveller flows grew by 6.6%. Net travel receipts more than offset (150.6%) the goods deficit and accounted for 88.8% of total net receipts from services.
In January-August 2024, the balance of travel services posted a surplus of €13,330.6 million, up from a surplus of €13,096.1 million in the same period of 2023. Travel receipts rose by €476.2 million, or 3.2%, to €15,179.6 million, while travel payments also increased by €241.7 million, or 15.0%, to €1,849.0 million. The rise in travel receipts stemmed from a 9.9% increase in inbound traveller flows, as average expenditure per trip fell by 7.0%. Net travel receipts offset 58.3% of the goods deficit and contributed 83.4% to total net receipts from services.
Travel receipts
In August 2024, as mentioned previously, travel receipts declined by 1.8% year-on-year. In more detail, receipts from residents of EU27 countries increased by 5.1% to €2,599.2 million, from €2,473.8 million in August 2023, whereas receipts from other countries dropped by 13.9% (August 2024: €1,506.4 million, August 2023: €1,750.3 million). The rise in receipts from within the EU27 was due to increases in receipts from euro area residents by 3.2% to €2,022.0 million (August 2023: €1,959.0 million) and in receipts from residents of non-euro area EU27 countries by 12.1% to €577.2 million (August 2023: €514.8 million). More specifically, among major euro area countries of origin, receipts from Germany rose by 13.0% to €729.2 million, whereas receipts from France dropped by 9.6% to €331.7 million. Receipts from Italy increased by 18.5% to €396.1 million. Turning to other countries, receipts from the United Kingdom decreased by 14.6% to €647.3 million, whereas receipts from the United States increased by 14.7% to €215.9 million. No receipts were recorded from Russia.
In January-August 2024, travel receipts totalled €15,179.6 million, up by 3.2% year-on-year. This development was due to increases in receipts from residents of EU27 countries by 6.0% to €8,562.7 million, whereas receipts from residents of other countries decreased by 2.8% to €5,980.9 million. In greater detail, receipts from euro area residents increased by 3.0% to €6,699.8 million, as did receipts from residents of non-euro area EU27 countries, by 18.4% to €1,862.9 million. Specifically, receipts from Germany grew by 3.7% to €2,472.8 million, whereas receipts from France dropped by 12.4% to €1,007.8 million. Receipts from Italy increased by 18.3% to €988.6 million. Turning to other countries, receipts from the United Kingdom rose by 2.8% to €2,375.6 million, as did receipts from the United States, by 0.8% to €979.6 million. Lastly, receipts from Russia decreased by 68.5% to €8.7 million.
Inbound traveller flows
The number of inbound travellers in August 2024 rose by 6.6% year-on-year to 6,908.0 thousand. Specifically, traveller flows through airports grew by 8.8% year-on-year and traveller flows through road border-crossing points rose by 3.0%. This overall increase was due to higher traveller flows from both EU27 (up by 8.1%) and other countries (up by 4.1%). In greater detail, the number of travellers from within the euro area rose by 12.7% to 2,838.6 thousand, while travellers from non-euro area EU27 countries increased by 0.7% to 1,600.5 thousand. Specifically, the number of travellers from Germany rose by 31.3% to 1,008.5 thousand, as did the number of travellers from France by 14.1% to 454.0 thousand. Travellers from Italy also increased by 6.0% to 553.2 thousand. Turning to other countries, the number of travellers from the United Kingdom fell by 5.3% to 870.8 thousand, whereas travellers from the United States increased by 13.7% to 227.7 thousand. No traveller flows were recorded from Russia.
In January-August 2024, the number of inbound travellers rose by 9.9% to 24,890.6 thousand (January-August 2023: 22,649.1 thousand). Specifically, traveller flows through airports grew by 11.1%, as did traveller flows through road border-crossing points, by 7.7%. In the period under review, the number of travellers from within the EU27 rose by 10.3% year-on-year to 15,255.5 thousand, while travellers from other countries increased by 9.2% to 9,635.1 thousand. The number of travellers from within the euro area rose by 13.4% and travellers from non-euro area EU27 countries increased by 4.8%. Specifically, the number of travellers from Germany rose by 17.7% to 3,613.1 thousand, as did the number of travellers from France, by 7.7% to 1,518.5 thousand. Travellers from Italy also increased, by 10.9% to 1,543.9 thousand. Turning to other countries, the number of travellers from the United Kingdom rose by 4.0% to 3,136.9 thousand, while the number of travellers from the United States increased by 8.4% to 1,016.3 thousand. Finally, the number of travellers from Russia fell by 64.9% to 9.0 thousand.
Note:
Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.
Detailed information:
The next Press Release on “Developments in the balance of travel services” for September 2024 will be published on 21 November 2024, in accordance with the Advance Calendar 2024, 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.