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MarketScreener Homepage  >  Equities  >  Athens Stock Exchange  >  Bank of Greece    TELL   GRS004013009

BANK OF GREECE

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Developments in the balance of travel services: August 2020

10/22/2020 | 07:25am EST
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Developments in the balance of travel services: August 2020 22/10/2020 - Press Releases

Balance of travel services

Based on provisional data, the balance of travel services in August 2020 showed a surplus of €1,319 million, compared with a surplus of €3,873 million in August 2019. More specifically, travel receipts in August 2020 fell by 66.5% to €1,373 million, from €4,104 million in August 2019, while travel payments also decreased by 76.6% (August 2020: €54 million, August 2019: €232 million). The fall in travel receipts resulted from a 73.3% decline in inbound traveller flows, as average expenditure per trip rose by 27.6%. Net receipts from travel services offset 94.2% of the goods deficit and accounted for 81.7% of total net receipts from services.

In January-August 2020[1], the balance of travel services showed a surplus of €2,092 million, down from a surplus of €11,422 million in the same period of 2019. Travel receipts fell by €10,537 million or 79.7% to €2,684 million, while travel payments also decreased, by €1,206 million or 67.1% to €592 million. The drop in travel receipts stemmed from a 5.7% fall in average expenditure per trip and a 78.0% decrease in inbound traveller flows. Net receipts from travel services offset 16.9% of the goods deficit and accounted for 45.6% of total net receipts from services.

Travel receipts

In August 2020, as mentioned previously, travel receipts declined by 66.5% year-on-year. In more detail, receipts from residents of EU27 countries fell by 58.4% to €979 million, while receipts from outside the EU27 decreased by 76.5% (August 2020: €394 million, August 2019: €1,675 million). The lower receipts from within the EU27 were due to decreases in receipts from euro area residents by 54.3% to €827 million (August 2019: €1,812 million) and in receipts from residents of non-euro area EU27 countries by 71.9% to €152 million. Among major countries of origin, receipts from Germany fell by 46.7% to €308 million and receipts from France decreased by 37.4% to €170 million. Turning to non-EU27 countries, receipts from the United Kingdom fell by 48.4% to €320 million, while receipts from the United States decreased by 97.0% to €6 million. Receipts from Russia also decreased, by 99.9% to €0.1 million.

In January-August 2020, travel receipts totalled €2,684 million, down by 79.7%, relative to the same period of 2019. This development was driven by a 75.5% decline in receipts from residents of EU27 countries, which came to €1,749 million and by an 83.8% drop in receipts from residents of non-EU27 countries to €932 million. In particular, receipts from euro area residents decreased by 75.1% to €1,410 million, while receipts from residents of non-euro area EU27 countries fell by 77.2% to €339 million. Specifically, receipts from Germany dropped by 73.9% to €530 million and receipts from France fell by 71.9% to €233 million. Turning to non-EU27 countries, receipts from the United Kingdom dropped by 77.7% to €427 million and receipts from the United States decreased by 91.5% to €69 million. Receipts from Russia also decreased, by 96.4% to €11 million.

Inbound traveller flows[2]

The number of inbound visitors in August 2020 fell by 73.3% year-on-year to 1,807 thousand. Specifically, visitor flows through airports declined by 58.9% and visitor flows through road border-crossing points fell by 96.3%. This overall decrease was due to lower visitor flows from both within the EU27 (down 68.4%) and outside the EU27 (down 81.7%). In greater detail, the number of visitors from within the euro area fell by 53.0% to 1,087 thousand, while visitors from non-euro area EU27 countries fell by 86.6% (August 2020: 263 thousand, August 2019: 1,954 thousand). Specifically, the number of visitors from Germany decreased by 42.4% to 414 thousand, while visitors from France also fell by 45.4% to 184 thousand. Turning to non-EU27 countries, the number of visitors from the United Kingdom fell by 52.8% to 349 thousand, while visitors from the United States dropped by 97.7% to 4 thousand and visitors from Russia decreased by 99.9% to 0.2 thousand.

In January-August 2020, the number of inbound visitors fell by 78.0% to 4,813 thousand (January-August 2019: 21,842 thousand). Specifically, visitor flows through airports declined by 77.0% and visitor flows through road border-crossing points fell by 79.9%. In the period under review, visitors from within the EU27 dropped by 75.7% year-on-year to 3,142 thousand, while visitors from outside the EU27 decreased by 81.3% to 1,671 thousand. The number of visitors from within the euro area fell by 74.1%, while visitors from non-euro area EU27 countries dropped by 78.0%. Specifically, the number of visitors from Germany fell by 72.7% to 726 thousand, while visitors from France decreased by 76.4% to 272 thousand. Turning to non-EU27 countries, the number of visitors from the United Kingdom fell by 78.8% to 528 thousand, while visitors from the United States dropped by 88.2% to 93 thousand and visitors from Russia decreased by 94.3% to 22 thousand.

Note: The next Press Release on 'Developments in the balance of travel services' for September 2020 will be published on 23 November 2020.

Methodological Note

Special travel conditions and behaviours induced by the global impact of the coronavirus (COVID-19) pandemic and the associated movement restrictions caused the Border Survey to be suspended from 15 March to 1 July.

In order to ensure data comparability over time, the Bank of Greece has adopted the following approach:

1. For each border-crossing point, inbound and outbound flows were broken down, percentagewise, into periods 1-15 March and 16 March-30 June.

2. Data collected for the period 1-15 March were checked, processed and analysed using the standardised methodology.

3. For the period 16 March-30 June, extrapolation factors were estimated for main traveller flows per type of border-crossing point, using detailed data on official flows at border-crossing points and historical data on traveller flow distribution by month and border-crossing point.

As of July 2020, conduct of the Border Survey has fully resumed.

[1]See the Methodological Note at the end of this Press Release.

[2]Inbound traveller flows exclude cruise passengers (other than those recorded in the Border Survey).

Disclaimer

Bank of Greece published this content on 22 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2020 11:24:07 UTC


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