Developments in the balance of travel services: June 2022

22/08/2022 - Press Releases

• The balance of travel services posted a surplus of €2,416.1 million in June 2022 and a surplus of €4,191.9 million in January-June 2022.
• In 2019, the last year before the pandemic, the balance of travel services had posted a surplus of €2,362.9 million in June and a surplus of €4,077.1 million in January-June 2019.
• Travel receipts were 224.5% higher in June 2022 and 329.3% higher in January-June 2022 than in the corresponding periods of 2021.
• Compared with the respective periods of 2019, travel receipts showed an increase of 2.3% for June 2022 and a decrease of 5.3% for January-June 2022.
• Inbound traveller flows rose by 241.5% in June 2022 and by 360.8% in January-June 2022 compared with the same periods of 2021.
• Compared with the respective periods of 2019, inbound traveller flows decreased by 11.0% in June 2022 and by 15.1% in January-June 2022.

Balance of travel services

Based on provisional data, the balance of travel services in June 2022 showed a surplus of €2,416.1 million, compared with a surplus of €705.5 million in June 2021. More specifically, travel receipts in June 2022 rose by 224.5% to €2,617.6 million, from €806.7 million in June 2021, while travel payments also increased by 99.1% (June 2022: €201.5 million, June 2021: €101.2 million). The rise in travel receipts was due to a 241.5% increase in inbound traveller flows, as average expenditure per trip declined by 5.7%. Net travel receipts offset 81.9% of the goods deficit and contributed 88.0% to total net receipts from services.

In January-June 2022, the balance of travel services showed a surplus of €4,191.9 million, up from a surplus of €868.6 million in the corresponding period of 2021. Travel receipts rose by €3,932.3 million or 329.3% to €5,126.3 million, while travel payments increased by €609.0 million or 187.2% to €934.4 million. The rise in travel receipts was due to a 360.8% increase in inbound traveller flows, as average expenditure per trip declined by 7.9%. Net travel receipts offset 23.4% of the goods deficit and contributed 67.6% to total net receipts from services.

Travel receipts

In June 2022, as mentioned previously, travel receipts rose by 224.5% year-on-year. In more detail, receipts from residents of EU27 countries increased by 179.5% to €1,566.4 million, while receipts from outside the EU27 rose by 321.8% (June 2022: €1,001.7 million, June 2021: 237.5 million). The rise in receipts from within the EU27 is attributed to increases of 184.9% in receipts from euro area residents (June 2022: €1,239.7 million, June 2021: €435.2 million) and of 160.8% in receipts from residents of non-euro area EU27 countries to €326.7 million.

More specifically, among major euro area countries of origin, receipts from Germany rose by 169.0% to €577.8 million and receipts from France increased by 116.2% to €157.4 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 633.2% to €427.4 million and receipts from the United States increased by 219.3% to €157.1 million. Receipts from Russia also increased, by 38.1% to €6.0 million.

In January-June 2022, travel receipts totalled €5,126.3 million, up by 329.3% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 263.7% to €2,980.9 million and in receipts from residents outside the EU27 by 462.4% to €2,029.0 million. In greater detail, receipts from euro area residents rose by 281.3% to €2,476.7 million, while receipts from residents of non-euro area EU27 countries increased by 196.3% to €504.2 million.

In particular, receipts from Germany increased by 264.6% to €1,086.1 million and receipts from France increased by 247.9% to €378.8 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 873.6% to €792.7 million, while receipts from the United States increased by 450.1% to €336.7 million. Receipts from Russia also increased, by 115.7% to €13.9 million.

Inbound traveller flows

The number of inbound travellers in June 2022 rose by 241.5% year-on-year to 3,649.4 thousand. Specifically, traveller flows through airports increased by 262.1% compared with June 2021, as did traveller flows through road border-crossing points, by 187.0%. This overall increase was due to higher traveller flows from both within the EU27 (up by 199.7%) and outside the EU27 (up by 342.4%). In greater detail, the number of travellers from within the euro area rose by 211.2% to 1,596.0 thousand, while travellers from non-euro area EU27 countries increased by 175.3% to 668.9 thousand.

Specifically, the number of travellers from Germany increased by 188.7% to 684.1 thousand and travellers from France increased by 166.7% to 225.4 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 891.7% to 592.4 thousand, while the number of travellers from the United States increased by 391.8% to 150.7 thousand. The number of travellers from Russia also increased, by 58.9% to 4.4 thousand.

In January-June 2022, the number of inbound travellers rose by 360.8% to 7,983.3 thousand (January-June 2021: 1,732.5 thousand). Specifically, traveller flows through airports increased by 428.9%, as did traveller flows through road border-crossing points, by 247.9%. In the period under review, the number of travellers from within the EU27 rose by 305.2% year-on-year to 4,792.6 thousand, while travellers from outside the EU27 increased by 480.3% to 3,190.8 thousand. The number of travellers from within the euro area rose by 345.3% and the number of travellers from non-euro area EU27 countries increased by 221.6%.

Specifically, travellers from Germany increased by 316.4% to 1,422.5 thousand and travellers from France increased by 315.4% to 530.4 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 1,251.9% to 1,218.1 thousand, while the number of travellers from the United States also increased by 745.9% to 324.8 thousand and from Russia by 318.4% to 16.0 thousand.

Comparison with 2019, the last year before the pandemic

In June 2022, compared with June 2019, travel receipts rose by 2.3%, average expenditure per trip increased by 15.9%, while inbound traveller flows decreased by 11.0%.

In January-June 2022, compared with January-June 2019, travel receipts fell by 5.3%, inbound traveller flows dropped by 15.1%, while average expenditure per trip increased by 12.6%.

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, in order 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 July 2022 will be published on 21 September 2022, as scheduled in 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.