The balance of travel services increased in November 2017 by 81.4 percent compared to the corresponding month in 2016, the Bank of Greece (BoG) announced on Tuesday, while adding that the surplus reached 103 million euros – up from 57 million euros during the same month in 2016.
The BoG press release reads:
Based on provisional data, in November 2017 the balance of travel services showed a surplus of €103 million, up 81.4% from a surplus of €57 million in November 2016. More specifically, travel receipts in November 2017 rose by 1.3% to €225 million, from €222 million in the same month of 2016, whereas travel payments decreased by 26.0% (November 2017: €123 million, November 2016: €166 million). The rise in travel receipts is attributed to a 3.3% increase in inbound traveller flows, as average expenditure per trip fell by 1.5% to €281. Net receipts from travel services accounted for 21.3% of total net receipts from services and offset 7.6% of the goods deficit.
In January-November 2017, the balance of travel services showed a surplus of €12,670 million, up 13.6% from a surplus of €11,156 million in the same period of 2016. This development was driven by an increase of €1,388 million or 10.7% in travel receipts and a decrease of €126 million or 6.7% in travel payments. The rise in travel receipts is attributed mostly to a 9.9% increase in inbound traveller flows and, to a lesser extent, to a 1.3% rise in average expenditure per trip. Net receipts from travel services offset 75.1% of the goods deficit and accounted for 74.8% of total net receipts from services.
Travel receipts
In November 2017, as mentioned previously, travel receipts rose by 1.3% year-on-year. In more detail, receipts from residents of the EU28 increased by 7.2% to €130 million, whereas receipts from outside the EU28 fell by 6.1% (November 2017: €78 million, November 2016: €83 million). The higher receipts from within the EU28 were due to increases by 8.2% in receipts from euro area residents (November 2017: €80 million, November 2016: €74 million) and by 5.8% from residents of non-euro area EU28 countries (November 2017: €50 million, November 2016: €48 million). Breaking down receipts by visitor’s country of origin, receipts from France fell by 13.4% to €6 million, whereas receipts from Germany increased by 40.9% to €35 million. Receipts from the United Kingdom decreased by 7.3% to €19 million. Turning to non-EU28 countries, receipts from Russia decreased by 51.8% to €4 million, whereas receipts from the United States increased by 55.2% to €17 million.
In January-November 2017, travel receipts increased by 10.7% year-on-year to €14,413 million. This development is attributed to increases in receipts from within the EU28 by 14.0% to €9,747 million and in receipts from outside the EU28 by 5.5% to €4,243 million. In particular, receipts from euro area residents rose by 20.9% to €6,212 million, while receipts from residents of non-euro area EU28 countries also increased, by 3.6% to €3,536 million. Specifically, receipts from France rose by 17.4% to €989 million, as did receipts from Germany, by 31.9% to €2,539 million. Receipts from the United Kingdom also increased, by 11.6% to €2,044 million. Turning to non-EU28 countries, receipts from Russia decreased by 3.2% to €414 million, whereas receipts from the United States rose by 4.8% to €791 million.
Inbound traveller flows
In November 2017, the number of inbound visitors rose by 3.3% year-on-year to 741 thousand. Specifically, visitor flows through airports increased by 11.1%, whereas visitor flows through road border-crossing points decreased by 4.4%. This development is attributed to a 6.0% rise in visitor flows from within the EU28, as visitor flows from outside the EU28 declined by 1.2%. In greater detail, visitors from the euro area increased by 18.0% to 212 thousand, whereas visitors from the non-euro area EU28 countries decreased by 2.0% (November 2017: 262 thousand, November 2016: 267 thousand). Specifically, the number of visitors from France increased by 13.1% to 17 thousand, as did the number of visitors from Germany, by 49.1% to 89 thousand. Visitors from the United Kingdom decreased by 17.8% to 42 thousand. Turning to non-EU28 countries, the number of visitors from Russia fell by 48.4% to 7 thousand, whereas the number of visitors from the United States rose by 41.3% to 32 thousand.
In January-November 2017, the number of inbound visitors rose by 9.9% to 26,632 thousand (January-November 2016: 24,235 thousand). Specifically, visitor flows through airports increased by 10.0%, while visitor flows through road border-crossing points also increased, by 9.3%. In the period under review, the number of visitors from within the EU28 increased by 8.3% year-on-year to 18,282 thousand, as did the number of visitors from outside the EU28, by 13.6% to 8,349 thousand. Visitors from the euro area increased by 10.7%, while visitors from the non-euro area EU28 countries also rose, by 5.7%. Specifically, the number of visitors from France increased by 8.2% to 1,412 thousand, as did the number of visitors from Germany, by 18.3% to 3,668 thousand. Visitors from the United Kingdom also increased, by 3.5% to 2,958 thousand. Finally, turning to non-EU28 countries, the number of visitors from Russia decreased by 0.7% to 580 thousand, whereas the number of visitors from the United States rose by 11.0% to 839 thousand.”
