Developments in the balance of travel services: August 2022
24/10/2022 - Press Releases
- The balance of travel services posted a surplus of €3,828.3 million in August 2022 and a surplus of €11,458.7 million in January-August 2022.
- In 2019, the last year before the pandemic, the balance of travel services had posted a surplus of €3,872.9 million in August and a surplus of €11,422.3 million in January‑August 2019.
- Travel receipts were higher in August 2022 by 28.1% and in January-August 2022 by 92.1%, than in the corresponding periods of 2021.
- Compared with the respective periods of 2019, travel receipts showed a decrease of 1.5% in August 2022 and of 3.6% in January-August 2022.
- Inbound traveller flows rose by 44.0% in August 2022 and by 121.8% in January‑August 2022 relative to the same periods of 2021.
- Compared with the respective periods of 2019, inbound traveller flows decreased by 13.3% in August 2022 and by 12.4% in January-August 2022.
Balance of travel services
Based on provisional data, the balance of travel services in August 2022 showed a surplus of €3,828.3, up from a surplus of €3,018.6 million in August 2021. More specifically, travel receipts in August 2022 rose by 28.1% to €4,042.9 million, from €3,156.2 million in August 2021, while travel payments also increased by 56.0% (August 2022: €214.6 million, August 2021: €137.6 million). The rise in travel receipts was due to a 44.0% increase in inbound traveller flows, as average expenditure per trip declined by 11.2%. Net receipts from travel services accounted for 91.0% of total net receipts from services and more than offset (127.3%) the goods deficit.
In January-August 2022, the balance of travel services showed a surplus of €11,458.7 million, up from a surplus of €6,046.1 million, in the same period of 2021. Travel receipts rose by €6,110.9 million, or 92.1%, to €12,749.0 million, while travel payments increased by €698.2 million, or 117.9%, to €1,290.3 million. The rise in travel receipts stemmed from a 121.8% increase in inbound traveller flows, as average expenditure per trip fell by 14.1%. Net travel receipts offset 46.9% of the goods deficit and contributed 80.6% to total net receipts from services.
Travel receipts
In August 2022, as previously mentioned, travel receipts rose by 28.1% year-on-year. In more detail, receipts from residents of EU27 countries increased by 14.0% to €2,457.0 million, while receipts from outside the EU27 rose by 58.9% (August 2022: €1,523.8 million, August 2021: €959.1 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 8.8% (August 2022: €1,907.7 million, August 2021: €1,753.0 million) and in receipts from residents of non-euro area EU27 countries by 36.8% to €549.3 million.
More specifically, among major euro area countries of origin, receipts from Germany rose by 5.6% to €644.6 million, whereas receipts from France decreased by 2.3% to €369.3 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 59.5% to €800.3 million and receipts from the United States increased by 17.2% to €154.8 million. Receipts from Russia decreased by 83.4% to €3.5 million.
In January-August 2022, travel receipts totalled €12,749.0 million, up by 92.1% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 64.8% to €7,446.0 million and in receipts from residents outside the EU27 by 147.7% to €5,055.1 million. In greater detail, receipts from euro area residents rose by 63.3% to €5,874.3 million, while receipts from residents of non-euro area EU27 countries increased by 70.6% to €1,571.7 million.
In particular, receipts from Germany increased by 67.6% to €2,230.0 million and receipts from France increased by 37.2% to €1,001.0 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 173.1% to €2,281.8 million. Receipts from the United States increased by 118.1% to €723.3 million, whereas receipts from Russia fell by 63.0% to €20.8 million.
Inbound traveller flows
The number of inbound travellers in August 2022 rose by 44.0% year-on-year to 5,865.8 thousand. Specifically, traveller flows through airports increased by 32.2% compared with August 2021, as did traveller flows through road border-crossing points, by 95.6%. This overall increase was due to higher traveller flows from both within the EU27 (up by 30.7%) and outside the EU27 (up by 79.1%). In greater detail, the number of travellers from within the euro area rose by 17.1% to 2,458.9 thousand, while the number of travellers from non-euro area EU27 countries increased by 64.0% to 1,405.1 thousand.
Specifically, travellers from Germany increased by 12.9% to 827.1 thousand and travellers from France rose by 7.1% to 413.4 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 114.4% to 976.0 thousand, while the number of travellers from the United States increased by 77.2% to 133.3 thousand. The number of travellers from Russia decreased by 70.6% to 6.9 thousand.
In January-August 2022, the number of inbound travellers rose by 121.8% to 19,126.4 thousand (January-August 2021: 8,624.1 thousand). Specifically, traveller flows through airports increased by 120.3% and traveller flows through road border-crossing points increased by 139.6%. In the period under review, the number of travellers from within the EU27 rose by 92.4% year-on-year to 11,928.7 thousand, while the number of travellers from outside the EU27 increased by 197.1% to 7,197.8 thousand. Travellers from within the euro area rose by 88.9% and travellers from non-euro area EU27 countries increased by 100.0%.
Specifically, the number of travellers from Germany increased by 88.6% to 2,892.7 thousand, as did the number of travellers from France, by 69.7% to 1,314.3 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 316.0% to 3,007.7 thousand, while the number of travellers from the United States increased by 207.5% to 647.2 thousand. The number of travellers from Russia dropped by 50.3% to 26.9 thousand.
Comparison with 2019, the last year before the pandemic
Compared with August 2019, travel receipts fell by 1.5%, average expenditure per trip increased by 14.0% and inbound traveller flows decreased by 13.3% in August 2022.
Compared with January-August 2019, travel receipts fell by 3.6%, inbound traveller flows dropped by 12.4%, while average expenditure per trip increased by 10.6% in January‑August 2022.
Notes:
1. Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.
2. The tables accompanying this Press Release also include percentage changes relative to the respective periods of 2019, the last year before the pandemic, to enable a better understanding of developments in the balance of travel services.
Related information:
The next Press Release on “Developments in the balance of travel services” for September 2022 will be published on 22 November 2022, 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.