Developments in the balance of travel services: September 2024
21/11/2024 - Press Releases
- The balance of travel services posted a surplus of €3,391.9 million in September 2024 and a surplus of €16,722.5 million in January-September 2024.
- Travel receipts rose by 7.9% in September 2024 and by 4.1% in January-September 2024.
- Inbound traveller flows grew by 6.6% in September 2024 and by 9.3% in January‑September 2024.
Balance of travel services
Based on provisional data, the balance of travel services in September 2024 showed a surplus of €3,391.9 million, up from a surplus of €3,101.1 million in September 2023. More specifically, travel receipts in September 2024 rose by 7.9% to €3,578.7 million, from €3,318.0 million in September 2023, whereas travel payments decreased by 13.8% (September 2024: €186.8 million, September 2023: €216.8 million). The rise in travel receipts was mainly driven by a rise of 6.6% in inbound traveller flows but also by a 0.3% increase in average expenditure per trip. Net travel receipts more than offset (108.0%) the goods deficit and accounted for 94.0% of total net receipts from services.
In January-September 2024, the balance of travel services posted a surplus of €16,722.5 million, up from a surplus of €16,197.2 million in the same period of 2023. Travel receipts rose by €736.9 million, or 4.1%, to €18,758.3 million, while travel payments increased by €211.6 million, or 11.6%, to €2,035.9 million. The rise in travel receipts stemmed from a 9.3% increase in inbound traveller flows, as average expenditure per trip fell by 5.7%. Net travel receipts offset 64.3% of the goods deficit and contributed 85.3% to total net receipts from services.
Travel receipts
In September 2024, as mentioned previously, travel receipts rose by 7.9% year-on-year. In more detail, receipts from residents of EU27 countries increased by 11.9% to €2,038.6 million, from €1,821.9 million in September 2023, while receipts from residents of other countries increased by 0.5% (September 2024: €1,380.2 million, September 2023: €1,373.1 million). The rise in receipts from within the EU27 was due to increases in receipts from euro area residents by 2.2% to €1,519.5 million, from €1,486.9 million in September 2023, and in receipts from residents of non-euro area EU27 by 54.9%, to €519.1 million, from €335.0 million in September 2023. More specifically, among major euro area countries of origin, receipts from Germany rose by 3.1% to €672.1 million whereas receipts from France dropped by 9.9% to €138,6 million, as did those from Italy, by 1.1% to €156.4 million. Turning to other countries, receipts from the United Kingdom decreased by 21.3% to €508.5 million, whereas receipts from the United States increased by 33.2% to €273.6 million. Receipts from Russia also increased, by 114.2% to €4.0 million.
In January-September 2024, travel receipts totalled €18,758.3 million, up by 4.1% year-on‑year. This development is attributed to a 7.1% rise in receipts from EU27 residents to €10,601.3 million, as receipts from residents of other countries fell by 2.2% to €7,361.1 million. In greater detail, receipts from euro area residents increased by 2.9% to €8,219.3 million, as did receipts from residents of non-euro area EU27 countries, by 24.8% to €2,382.0 million. Specifically, receipts from Germany grew by 3.6% to €3,144.9 million, whereas receipts from France dropped by 12.1% to €1,146.4 million. Receipts from Italy increased by 15.2% to €1,145.0 million. Turning to other countries, receipts from the United Kingdom rose by 2.4% to €2,884.1 million, as did receipts from the United States, by 6.5% to €1,253.2 million. Lastly, receipts from Russia decreased by 56.9% to €12.7 million.
Inbound traveller flows
The number of inbound travellers in September 2024 rose by 6.6% year-on-year to 5,483.2 thousand. Specifically, traveller flows through airports increased by 5.0% year-on-year and traveller flows through road border-crossing points rose by 13.7%. This overall increase was due to higher traveller flows from EU27 countries (up by 11.6%), as traveller flows from other countries dropped by 1.1%. In greater detail, the number of travellers from within the euro area rose by 4.5% to 2,088.5 thousand, while travellers from non-euro area EU27 countries increased by 24.3% to 1,393.9 thousand. Specifically, the number of travellers from Germany rose by 9.9% to 863.0 thousand, while the number of travellers from France decreased by 7.2% to 200.9 thousand. Travellers from Italy decreased by 0.7% to 276.1 thousand. Turning to other countries, the number of travellers from the United Kingdom fell by 13.3% to 751.2 thousand, whereas travellers from the United States increased by 10.8% to 188.8 thousand. Finally, the number of travellers from Russia fell by 57.4% to 1.9 thousand.
In January-September 2024, the number of inbound travellers rose by 9.3% to 30,373.8 thousand (January-September 2023: 27,790.5 thousand). Specifically, traveller flows through airports increased by 10.0%, as did traveller flows through road border-crossing points, by 8.7%. In the period under review, the number of travellers from within the EU27 rose by 10.6% year-on-year to 18,737.9 thousand, while travellers from other countries increased by 7.3% to 11,635.9 thousand. The number of travellers from within the euro area rose by 11.7% and travellers from non-euro area EU27 countries increased by 8.4%. Specifically, the number of travellers from Germany rose by 16.1% to 4,476.1 thousand, as did the number of travellers from France, by 5.7% to 1,719.4 thousand. Travellers from Italy also increased, by 9.0% to 1,820.0 thousand. Turning to other countries, the number of travellers from the United Kingdom grew by 0.1% to 3,888.1 thousand, while the number of travellers from the United States rose by 8.8% to 1,205.1 thousand. Finally, the number of travellers from Russia fell by 63.7% to 10.9 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 October 2024 will be published on 23 December 2024, in accordance with the 2024 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.