Evolution of the travel services balance: February 2022

21/04/2022 – Press releases

-The balance of travel services generated a surplus of €63.0 million in February 2022 and €123.8 million in January-February 2022.
-Travel Receipts increased by 302.6% in February 2022 and by 306.2% in January-February 2022.
– Flow of incoming travelers increased by 314.8% in February 2022 and by 282.5% in January-February 2022.

Travel services balance

Based on provisional data, the balance of travel services in February 2022 recorded a surplus of €63.0 million, compared to a surplus of €5.4 million in February 2021. Specifically, travel receipts in February 2022 increased by 302.6% to €133.0 million euros, compared to €33.0 million in February 2021, while travel payments also increased by 152.8% (February 2022: €69.9 million, February 2021: €27.7 million). The increase in travel revenue was driven by a 314.8% increase in inbound traveler flows, with average spend per trip down 3.4%. Net receipts from travel services offset 2.0% of the goods deficit and contributed 23.0% to total net receipts from services.

In January-February 2022, the balance of travel services showed a surplus of 123.8 million euros, compared to a surplus of 7.0 million euros in the same period of 2021. 89.0 million or 147.9% to €149.2 million. The increase in travel revenue is attributed to a 282.5% increase in inbound traveler flows, as well as a 5.8% increase in average spend per trip. Net receipts from travel services offset 2.0% of the goods deficit and contributed 18.8% to total net receipts from services.

Travel receipts

In February 2022, as mentioned earlier, travel revenue grew 302.6% year-over-year. Specifically, receipts from residents of EU27 countries increased by 291.7% to €72.5 million, while receipts from outside the EU27 increased by 312.5% ​​( February 2022: €59.9 million, February 2021: €14.5 million). The increase in receipts from within the EU27 is explained by the increase in receipts from euro area residents by 261.2% to €52.8 million (February 2021: €14.6 million). euros) and receipts from residents of non-euro area EU27 countries by 406.6% to 52.8 million euros. 19.7 million. Specifically, among the top eurozone source countries, receipts from Germany increased by 264.2% to €18.2 million and receipts from France increased by 420.7 % to 5.5 million euros. In non-EU27 countries, UK receipts increased by 427.0% to €13.1 million and US receipts increased by 1,702.1% to €7.8 million euros. Receipts from Russia also increased strongly, to 4.0 million euros.

In January-February 2022, travel receipts amounted to 273.0 million euros, up 306.2% compared to the same period of 2021. This change is driven by a 280.3% increase in receipts from residents of the region. EU27, to €152.6 million, and by a 340.8% increase in receipts of non-EU27 residents to €119.4 million. Specifically, receipts of residents of the euro area increased by 278.8% to €115.4 million, while receipts of residents of non-euro area EU27 countries increased by 285.0% to 37.2 million euros. In particular, receipts from Germany increased by 243.5% to €39.6 million and receipts from France increased by 451.4% to €10.9 million. Looking at non-EU27 countries, UK receipts increased by 477.2% to €29.5 million, while US receipts increased by 2,308.1% to 14, 8 million euros. Receipts from Russia also rose sharply, to 4.9 million euros.

Flow of incoming travelers

The number of inbound travelers in February 2022 increased by 314.8% year-on-year to 317,000. Specifically, passenger flows through airports increased by 575.6% year-on-year and passenger flows through road border crossing points increased by 197.4%. This overall increase is due to an increase in flows of travelers from both the EU27 (up 371.5%) and outside the EU27 (up 253.6%). Specifically, the number of travelers from within the euro area increased by 433.7% to 118,600, while travelers from non-euro area EU27 countries increased by 292.3% to 68,400. Specifically, the number of travelers from Germany increased by 429.4% to 41,700 and travelers from France increased by 320.8% to 10,200. With regard to non-EU27 countries, the number of travelers from the United Kingdom increased by 544.9% to 23,100, while the number of travelers from the United States increased by 1,652.2% to 6,000 and from Russia from 3,103.2% to 5,100.

In January-February 2022, the number of inbound travelers increased by 282.5% to 658,400 (January-February 2021: 172,200). Specifically, passenger flows through airports increased by 431.4%, as did passenger flows through road border crossing points, by 190.8%. During the period under review, the number of travelers from the EU27 rose by 278.9% year-on-year to 384,500, while travelers from outside the EU27 increased by 287.6% to 273,900. The number of travelers from the euro area rose by 328.4%, while travelers from non-euro area EU27 countries increased by 199.9%. Specifically, travelers from Germany increased by 255.2% to 96,000 and from France by 378.6% to 26,000. United rose by 507.4% to 56,400, while the number of travelers from the United States increased by 1,466.7% to 16,800 and from Russia by 1,417.1% to 7,200.

To note:

Inbound passenger flows exclude cruise passengers other than those recorded in the border survey.

Related Information:

The next press release “Evolution of the balance of travel services” for March 2022 will be published on May 23, 2022, in accordance with the Early Release Schedule published on the Bank of Greece website.

Related link:

Detailed and definitive data on the balance of travel services are published in the Travel services section from the Bank of Greece website.

Willie R. Golden