Developments in the balance of travel services: June 2023
22/08/2023 - Press Releases
- The balance of travel services posted a surplus of €2,726.4 million in June 2023 and a surplus of €5,056.8 million in January-June 2023.
- Travel receipts rose by 17.2% in June 2023 and by 23.9% in January-June 2023.
- Inbound traveller flows increased by 17.9% in June 2023 and by 26.0% in January-June 2023.
Balance of travel services
Based on provisional data, the balance of travel services in June 2023 showed a surplus of €2,726.4 million, up from a surplus of €2,328.9 million in June 2022. More specifically, travel receipts in June 2023 rose by 17.2% to €2,930.7 million, from €2,500.0 million in June 2022, while travel payments also increased by 19.4% (June 2023: €204.3 million, June 2022: €171.1 million). The rise in travel receipts was due to a 17.9% increase in inbound traveller flows, as average expenditure per trip declined by 0.9%. Net receipts from travel services accounted for 90.0% of total net receipts from services and more than offset (100.9%) the goods deficit.
In January-June 2023, the balance of travel services showed a surplus of €5,056.8 million, up from a surplus of €4,112.3 million in the corresponding period of 2022. Travel receipts rose by €1,192.0 million, or 23.9%, to €6,174.9 million, while travel payments increased by €247.5 million, or 28.4%, to €1,118.2 million. The rise in travel receipts reflected a 26.0% increase in inbound traveller flows, as average expenditure per trip fell by 2.2%. Net receipts from travel services offset 32.9% of the goods deficit and contributed 76.1% to total net receipts from services.
Travel receipts
In June 2023, as aforementioned, travel receipts rose by 17.2% year-on-year. In more detail, receipts from within the EU27 increased by 13.1% to €1,657.1 million, while receipts from non-EU27 residents rose by 22.5% (June 2023: €1,207.2 million, June 2022: €985.8 million). The rise in receipts from residents of the EU27 is attributed to increases in receipts from euro area residents by 15.4% (June 2023: €1,342.0 million, June 2022: €1,163.2 million), and in receipts from residents of non-euro area EU27 countries by 4.4% to €315.1 million. More specifically, among major euro area countries of origin, receipts from Germany increased by 0.4% to €533.3 million and receipts from France rose by 22.8% to €178.0 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 7.6% to €457.3 million, while receipts from the United States grew by 35.3% to €216.9 million. Receipts from Russia also increased by 15.8% to €7.6 million.
In January-June 2023, travel receipts totalled €6,174.9 million, up by 23.9% relative to the same period of 2022. This development was due to increases in receipts from residents of the EU27 by 17.2% to €3,356.8 million and in receipts from residents outside the EU27 by 31.9% to €2,623.6 million. In more detail, receipts from euro area residents rose by 17.2% to €2,803.6 million, while receipts from residents of non-euro area EU27 countries increased by 17.4% to €553.3 million. In particular, receipts from Germany increased by 9.7% to €1,135.1 million, and receipts from France rose by 31.1% to €460.0 million. Turning to non-EU27 countries, receipts from the United Kingdom grew by 7.6% to €856.0 million. Receipts from the United States increased by 54.4% to €523.4 million, while receipts from Russia rose by 5.5% to €15.4 million.
Inbound traveller flows
The number of inbound travellers in June 2023 rose by 17.9% year-on-year to 4,302.2 thousand. Specifically, traveller flows through airports increased by 11.9% year-on-year and traveller flows through road border-crossing points rose by 46.1%. This overall increase was due to higher traveller flows from both within the EU27 (up by 16.4%) and outside the EU27 (up by 20.3%). In greater detail, travellers from within the euro area grew by 11.2% to 1,781.5 thousand. Travellers from non-euro area EU27 countries also increased by 28.8% to 854.9 thousand. Specifically, the number of travellers from Germany remained unchanged at 684.3 thousand, whereas the number of travellers from France rose by 6.0% to 238.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 10.5% to 654.4 thousand, while travellers from the United States increased by 38.8% to 209.3 thousand. Finally, the number of travellers from Russia rose by 26.6% to 5.5 thousand.
In January-June 2023, the number of inbound travellers rose by 26.0% to 10,061.8 thousand (January-June 2022: 7,983.3 thousand). Specifically, traveller flows through airports increased by 19.4%, while traveller flows through road border-crossing points rose by 52.8%. In the period under review, the number of travellers from within the EU27 grew by 21.8% year-on-year to 5,836.5 thousand and the number of travellers from outside the EU27 increased by 32.4% to 4,225.3 thousand. The number of travellers from within the euro area rose by 15.3% and travellers from non-euro area EU27 countries increased by 40.7%. Specifically, the number of travellers from Germany rose by 9.3% to 1,555.3 thousand and the number of travellers from France increased by 20.6% to 639.9 thousand. Turning to non‑EU27 countries, travellers from the United Kingdom rose by 6.3% to 1,294.3 thousand and travellers from the United States increased by 62.7% to 528.3 thousand. Finally, the number of travellers from Russia fell by 16.8% to 13.3 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 July 2023 will be published on 21 September 2023, 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.