Developments in the balance of travel services: November 2024
21/01/2025 - Press Releases
- The balance of travel services posted a surplus of €419.9 million in November 2024 and a surplus of €18,768.2 million in January-November 2024.
- Travel receipts rose by 44.7% in November 2024 and by 4.9% in January-November 2024.
- Inbound traveller flows increased by 23.6% in November 2024 and by 9.7% in January‑November 2024.
Balance of travel services
Based on provisional data, the balance of travel services in November 2024 showed a surplus of €419.9 million, up from a surplus of €229.9 million in November 2023. More specifically, travel receipts in November 2024 rose by 44.7% to €617.9 million, from €426.9 million in November 2023, while travel payments also increased by 0.5% (November 2024: €198.0 million, November 2023: €197.0 million). The rise in travel receipts was due mainly to a 23.6% rise in inbound traveller flows, as well as to a 20.9% increase in average expenditure per trip. Net travel receipts offset 13.0% of the goods deficit and accounted for 62.0% of total net receipts from services.
In January-November 2024, the balance of travel services showed a surplus of €18,768.2 million, up from a surplus of €18,064.3 million in the corresponding period of 2023. Travel receipts rose by €999.6 million, or 4.9%, to €21,266.9 million, while travel payments increased by €295.7 million, or 13.4%, to €2,498.7 million. The rise in travel receipts stemmed from a 9.7% increase in inbound traveller flows, as average expenditure per trip fell by 5.4%. Net travel receipts offset 57.8% of the goods deficit and contributed 84.2% to total net receipts from services.
Travel receipts
In November 2024, as mentioned previously, travel receipts rose by 44.7% year-on-year to €617.9 million. In more detail, receipts from residents of EU27 countries increased by 32.4% to €238.3 million, from €179.9 million in November 2023, while receipts from residents of other countries increased by 65.2% (November 2024: €323.0 million, November 2023: €195.5million). The rise in receipts from within the EU27 was due to increases in receipts from euro area residents by 20.4% (November 2024: €172.9 million, November 2023: €143.6million) and in receipts from residents of non-euro area EU27 countries by 80.1% (November 2024: €65.4 million, November 2023: €36.3 million). More specifically, among major euro area countries of origin, receipts from Germany declined by 15.3% to €41.8 million, whereas receipts from France increased by 94.7% to €20.7 million. Receipts from Italy increased by 4.8% to €28.3 million. Turning to other countries, receipts from the United Kingdom rose by 157.5% to €46.4 million, while receipts from the United States increased by 78.2% to €112.8 million. No receipts were recorded from Russia.
In January-November 2024, travel receipts totalled €21,266.9 million, up by 4.9% year‑on‑year. This development is attributed to increases in receipts from within the EU27 by 6.3% to €11,713.5 million and in receipts from other countries by 0.5% to €8,453.9 million. In greater detail, receipts from euro area residents increased by 3.5% to €9,256.3 million, as did receipts from residents of non-euro area EU27 countries, by 18.5% to €2,457.2 million. Specifically, receipts from Germany grew by 3.5% to €3,645.7 million, whereas receipts from France dropped by 11.7% to €1,246.1 million. Receipts from Italy increased by 13.0% to €1,207.0 million. Turning to other countries, receipts from the United Kingdom dropped by 3.9% to €3,144.9 million, whereas receipts from the United States rose by 13.3% to €1,528.4 million. Lastly, receipts from Russia decreased by 53.3% to €14.6 million.
Inbound traveller flows
The number of inbound travellers in November 2024 rose by 23.6% year-on-year to 1,281.0 thousand. Specifically, traveller flows through airports increased by 20.4% year‑on‑year and traveller flows through road border-crossing points rose by 33.8%. This overall increase was due to higher traveller flows from both EU27 countries (up by 12.9%) and other countries (up by 36.1%). In greater detail, the number of travellers from within the euro area dropped by 2.5% to 370.8 thousand, whereas travellers from non-euro area EU27 countries increased by 46.2% to 257.9 thousand. Specifically, the number of travellers from Germany declined by 20.4% to 109.5 thousand, whereas the number of travellers from France increased by 37.2% to 38.2 thousand. Travellers from Italy decreased by 5.7% to 56.1thousand. Turning to other countries, the number of travellers from the United Kingdom rose by 88.5% to 98.4 thousand, while travellers from the United States increased by 9.9% to 111.1 thousand. Finally, no travellers were recorded from Russia.
In January-November 2024, the number of inbound travellers rose by 9.7% to 35,069.0 thousand (January-November 2023: 31,969.7 thousand). Specifically, traveller flows through airports increased by 10.2%, as did traveller flows through road border-crossing points, by 9.6%. In the period under review, the number of travellers from within the EU27 rose by 10.8% year-on-year to 21,359.1 thousand, while travellers from other countries increased by 8.1% to 13,709.9 thousand. The number of travellers from within the euro area rose by 11.5% and travellers from non-euro area EU27 countries increased by 9.3%. Specifically, the number of travellers from Germany rose by 13.8% to 5,328.8 thousand, while the number of travellers from France increased by 7.8% to 1,950.4 thousand. Travellers from Italy also increased, by 9.8% to 1,993.5 thousand. Turning to other countries, the number of travellers from the United Kingdom fell by 1.1% to 4,491.7 thousand, whereas travellers from the United States increased by 8.1% to 1,480.7 thousand. Finally, the number of travellers from Russia fell by 54.3% 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 December 2024 will be published on 21 February 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.