Developments in the balance of travel services: April 2022

21/06/2022 - Press Releases

-The balance of travel services posted a surplus of €432.1 million in April 2022 and a surplus of €633.0 million in January-April 2022.
-In 2019, last year before the pandemic, the balance of travel services posted a surplus of €211.1 million in April and €375.7 million in January-April 2019.
-Travel receipts were 1,000.4% higher in April 2022 and 576.7% higher in January-April 2022 compared with the corresponding periods of 2021.
-Compared with the respective periods of 2019, travel receipts showed an increase of 19.0% for April 2022 and a decrease of 13.4% for January-April 2022.
-Inbound traveller flows were 884.3% higher in April 2022 and 462.7% higher in January-April 2022 compared with the corresponding periods of 2021.
-Compared with the respective periods of 2019, inbound traveller flows rose by 7.5% in April 2022 but fell by 27.1% in January-April 2022.

Balance of travel services
Based on provisional data, the balance of travel services in April 2022 posted a surplus of €432.1 million, up from a surplus of €3.2 million in April 2021. More specifically, travel receipts in April 2022 rose by 1,000.4% to €647.0 million, from €58.8 million in April 2021, while travel payments also increased by 286.1% (April 2022: €214.8 million, April 2021: €55.6 million). The rise in travel receipts stemmed from an 884.3% increase in inbound traveller flows and a 7.7% rise in average expenditure per trip. Net receipts from travel services offset 14.7% of the goods deficit and contributed 53.0% to total net receipts from services.

In January-April 2022, the balance of travel services showed a surplus of €633.0 million, up from a surplus of €18.4 million in the same period of 2021. Travel receipts rose by €951.7 million or 576.7% to €1,116.7 million, while travel payments increased by €337.1 million or 230.0% to €483.7 million. The rise in travel receipts is attributed to a 462.7% increase in inbound traveller flows, as well as to a rise of 17.1% in average expenditure per trip. Net receipts from travel services offset 5.4% of the goods deficit and contributed 33.3% to total net receipts from services.

Travel receipts
In April 2022, as mentioned previously, travel receipts rose by 1,000.4% year-on-year. In more detail, receipts from residents of EU27 countries increased by 822.0% to €344.8 million, while receipts from outside the EU27 rose by 1,200.8% (April 2022: €278.3 million, April 2021: €21.4 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 842.6% to €310.4 million (April 2021: €32.9 million) and in receipts from residents of non-euro area EU27 countries by 669.5% to €34.4 million.

More specifically, among major euro area countries of origin, receipts from Germany rose by 951.3% to €111.7 million and receipts from France increased by 1,530.6% to €75.4 million. Turning to non-EU27 countries, receipts from the United Kingdom rose considerably to €80.9 million as well as receipts from the United States to €33.0 million. Receipts from Russia also increased, by 77.4% to €2.0 million.

In January-April 2022, travel receipts totalled €1,116.7 million, up by 576.7% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 472.1% to €582.2 million and in receipts from residents outside the EU27 by 698.0% to €504.6 million. In greater detail, receipts from euro area residents rose by 514.7% to €495.4 million, while receipts from residents of non-euro area EU27 countries increased by 310.1% to €86.9 million.

In particular, receipts from Germany increased by 533.7% to €177.7 million and receipts from France increased by 1,113.4% to €99.0 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 1,229.8% to €128.0 million, while receipts from the United States increased by 2,098.1% to €67.4 million. Receipts from Russia also increased, by 503.0% to €7.8 million.

Inbound traveller flows
The number of inbound travellers in April 2022 rose by 884.3% year-on-year to 1,056.0 thousand. Specifically, traveller flows through airports increased by 1,494.3% year-on-year as did traveller flows through road border-crossing points, by 427.5%. This overall increase was due to higher traveller flows from both within the EU27 (up by 874.7%) and outside the EU27 (up by 897.4%). In greater detail, the number of travellers from within the euro area rose by 1,012.4% to 471.7 thousand, while travellers from non-euro area EU27 countries increased by 571.9% to 129.7 thousand.

Specifically, the number of travellers from Germany increased by 1,113.0% to 149.9 thousand and travellers from France increased by 2,434.1% to 92.4 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose considerably to 123.3 thousand, as did the number of travellers from the United States to 41.6 thousand; travellers from Russia also increased by 566.8% to 2.9 thousand.

In January-April 2022, the number of inbound travellers rose by 462.7% to 2,128.7 thousand (January-April 2021: 378.3 thousand). Specifically, traveller flows through airports increased by 774.4%, as did traveller flows through road border-crossing points, by 258.1%. In the period under review, the number of travellers from within the EU27 rose by 440.4% year-on-year to 1,193.7 thousand, while travellers from outside the EU27 increased by 493.9% to 935.0 thousand. The number of travellers from within the euro area rose by 558.6% and the number of travellers from non-euro area EU27 countries increased by 253.0%.

Specifically, travellers from Germany increased by 507.9% to 301.3 thousand and travellers from France increased by 1,102.9% to 146.1 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 1,048.0% to 214.9 thousand, while the number of travellers from the United States increased considerably to 79.3 thousand and from Russia by 1,050.7% to 11.6 thousand.

Comparison with 2019, the last year before the pandemic
In April 2022, compared with April 2019, travel receipts rose by 19.0%. Average expenditure per trip also increased, as did inbound tourist flows, by 15.0% and 7.5%, respectively.

In January-April 2022, compared with January-April 2019, travel receipts declined by 13.4%. Average expenditure per trip increased by 20.3% and inbound tourist flows decreased by 27.1%.

Notes:
1. Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.
2. Το enable a better understanding and complete capture of developments in the balance of travel services, the tables accompanying this Press Release also include percentage changes relative to the respective periods of 2019, the last year before the pandemic.

Related information:
The next Press Release on "Developments in the balance of travel services" for May 2022 will be published on 22 July 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.