Developments in the balance of travel services: October 2024
23/12/2024 - Press Releases
- The balance of travel services posted a surplus of €1,941.9 million in October 2024 and a surplus of €18,664.3 million in January-October 2024.
- Travel receipts rose by 19.7% in October 2024 and by 5.5% in January-October 2024.
- Inbound traveller flows increased by 8.6% in October 2024 and by 9.2% in January‑October 2024.
Balance of travel services
Based on provisional data, the balance of travel services in October 2024 showed a surplus of €1,941.9 million, up from a surplus of €1,637.2 million in October 2023. More specifically, travel receipts in October 2024 rose by 19.7% to €2,176.7 million, from €1,819.0 million in October 2023, while travel payments also increased by 29.2% (October 2024: €234.8 million, October 2023: €181.8 million). The rise in travel receipts was due mainly to an 8.6% rise in inbound traveller flows, as well as to a 10.7% increase in average expenditure per trip. Net travel receipts offset 59.8% the goods deficit and accounted for 83.8% of total net receipts from services.
In January-October 2024, the balance of travel services showed a surplus of €18,664.3 million, up from a surplus of €17,834.4 million in the same period of 2023. Travel receipts rose by €1,094.6 million, or 5.5%, to €20,935.0 million, while travel payments increased by €264.7 million, or 13.2%, to €2,270.7 million. The rise in travel receipts stemmed from a 9.2% increase in inbound traveller flows, as average expenditure per trip fell by 4.3%. Net travel receipts offset 63.8% of the goods deficit and contributed 85.2% to total net receipts from services.
Travel receipts
In October 2024, as mentioned previously, travel receipts rose by 19.7% year-on-year. In more detail, receipts from residents of EU27 countries increased by 14.2% to €1,073.3 million, from €939.5 million in October 2023, while receipts from residents of other countries increased by 28.4% (October 2024: €883.2 million, October 2023: €688.0 million). The rise in receipts from within the EU27 was due to increases in receipts from euro area residents by 15.9% to €940.3 million (October 2023: €811.1 million) and in receipts from residents of non‑euro area EU27 countries by 3.5% to €133.0 million, from €128.4 million in October 2023. More specifically, among major euro area countries of origin, receipts from Germany grew by 6.1% to 463.6 million, while receipts from France increased by 19.4% to €115.0 million. Receipts from Italy also increased, by 26.0% to €59.3 million. Turning to other countries, receipts from the United Kingdom rose by 10.4% to €330.7 million, while receipts from the United States increased by 49.9% to €163.0 million. Receipts from Russia also increased, by 40.2% to €2.5 million.
In January-October 2024, travel receipts totalled €20,935.0 million, up by 5.5% year-on-year. This development is attributed to increases in receipts from within the EU27 by 7.7% to €11,674.6 million and in receipts from other countries by 0.3% to €8,244.3 million. In greater detail, receipts from euro area residents increased by 4.1% to €9,159.6 million, as did receipts from residents of non-euro area EU27 countries, by 23.5% to €2,514.9 million. Specifically, receipts from Germany grew by 3.9% to €3,608.5 million, whereas receipts from France dropped by 10.0% to €1,261.4 million. Receipts from Italy increased by 15.7% to €1,204.2 million. Turning to other countries, receipts from the United Kingdom fell by 1.3% to €3,214.8 million, whereas receipts from the United States rose by 10.1% to €1,416.2 million. Lastly, receipts from Russia decreased by 51.3% to €15.2 million.
Inbound traveller flows
The number of inbound travellers in October 2024 rose by 8.6% year-on-year to 3,414.1 thousand. Specifically, traveller flows through airports increased by 9.5% year‑on‑year, as did traveller flows through road border-crossing points, by 4.5%. This overall increase was due to higher traveller flows from both EU27 countries (up by 11.8%) and other countries (up by 4.4%). In greater detail, the number of travellers from within the euro area rose by 13.3% to 1,578.6 thousand, while travellers from non-euro area EU27 countries increased by 6.5% to 413.8 thousand. Specifically, the number of travellers from Germany rose by 8.1% to 743.2 thousand, while travellers from France increased by 24.3% to 192.9 thousand. Travellers from Italy also increased, by 35.8% to 117.4 thousand. Turning to other countries, the number of travellers from the United Kingdom fell by 17.0% to 505.3 thousand, whereas travellers from the United States increased by 2.3% to 164.5 thousand. Finally, the number of travellers from Russia grew by 46.2% to 4.3 thousand.
In January-October 2024, the number of inbound travellers rose by 9.2% to 33,788.0 thousand (January-October 2023: 30,933.6 thousand). Specifically, traveller flows through airports increased by 9.9%, as did traveller flows through road border-crossing points, by 8.5%. In the period under review, the number of travellers from within the EU27 rose by 10.7% year-on‑year to 20,730.3 thousand, while travellers from other countries increased by 7.0% to 13,057.6 thousand. The number of travellers from within the euro area rose by 11.9% and travellers from non-euro area EU27 countries increased by 8.3%. Specifically, the number of travellers from Germany rose by 14.9% to 5,219.3 thousand, as did the number of travellers from France, by 7.3% to 1,912.3 thousand. Travellers from Italy also increased, by 10.3% to 1,937.4 thousand. Turning to other countries, the number of travellers from the United Kingdom fell by 2.2% to 4,393.4 thousand, whereas travellers from the United States increased by 7.9% to 1,369.6 thousand. Finally, the number of travellers from Russia fell by 54.0% to 15.2 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 November 2024 will be published on 21 January 2025, 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.