Evolution of the travel services balance: July 2022

21/09/2022 – Press releases

– The balance of travel services recorded a surplus of €3,518.2 million in July 2022 and a surplus of €7,710.1 million over the period January-July 2022.

– In 2019the last year before the pandemic, the balance of travel services had posted a surplus of €3,472.3m in July and a surplus of €7,549.4m in January-July 2019.

– Travel receipts were 62.7% higher in July 2022 and 154.2% higher in January-July 2022 compared to the corresponding periods of 2021.

– Compared to the respective periods of 2019travel receipts show an increase of 0.5% in July 2022 and a decrease of 2.9% in January-July 2022.

– Flow of incoming travelers increased by 87.3% in July 2022 and by 191.4% in January-July 2022 compared to the same periods of 2021.

– Compared to the respective periods of 2019incoming passenger flows decreased by 7.0% in July 2022 and by 12.1% in January-July 2022.

Travel services balance
Based on provisional data, the balance of travel services in July 2022 shows a surplus of €3,518.2m, compared to a surplus of €2,158.9m in July 2021. More specifically, travel receipts in July 2022 increased by 62.7% to €3,723.1m, compared to €2,288.0m in July 2021, while travel payments also increased by 58.7% (July 2022: €204.9m, July 2021: €129.1m). The increase in travel revenue was driven by an 87.3% increase in inbound traveler flows, with average spend per trip down 13.6%. Net receipts from travel services accounted for 89.3% of total net receipts from services and more than offset (113.5%) the deficit from goods.

In January-July 2022, the balance of travel services shows a surplus of 7,710.1 million euros, compared to a surplus of 3,027.4 million euros over the same period of 2021. of 684.8 million euros, or 150 .7%, to 1,139.3 million euros. The increase in travel revenue stemmed from a 191.4% increase in inbound traveler flows, with average spend per trip down 13.6%. Net travel receipts offset 36.7% of the goods deficit and contribute 76.1% to total net service receipts.

Travel receipts
In July 2022, as mentioned earlier, travel revenue grew 62.7% year-over-year. Specifically, receipts from residents of EU27 countries increased by 37.6% to €2,125.1 million, while receipts from outside the EU27 increased by €113. 9% (July 2022: €1,542.6 million, July 2021: €721.2 million). The rise in receipts from within the EU27 is attributed to the increase in receipts from euro area residents by 32.2% to €1,579.7 million (July 2021: €1,195.1 million euros) and receipts from residents of non-euro area EU27 countries by 56.1% to 1,579.7 million euros. 545.4 million.

Specifically, among the top eurozone source countries, receipts from Germany increased by 30.5% to €550.6 million and receipts from France increased by 15.8 % to €281.0 million. In non-EU27 countries, UK receipts increased by 171.6% to €685.8 million and US receipts increased by 65.8% to €229.4 million. euros. Receipts from Russia fell by 90.6% to 2.7 million euros.

In January-July 2022, travel receipts amounted to EUR 8,849.4 million, up 154.2% compared to the same period of 2021. This development is due to the increase in receipts of EU27 residents by 116 .0% to 5,105.9 million euros and receipts of non-EU27 residents by 230.1% to 3,571.5 million euros. Specifically, receipts for residents of the euro area increased by 119.9% ​​to €4,056.3 million, while receipts for residents of non-euro area EU27 countries increased by 102.0% to €1,049.6 million.

In particular, revenue from Germany increased by 127.4% to €1,636.7 million and revenue from France increased by 87.6% to €659.7 million. Looking at non-EU27 countries, UK receipts increased by 342.8% to €1,478.5 million, while US receipts increased by 183.6% to €566. 2 million euros. Receipts from Russia fell by 52.8% to 16.6 million euros.

Flow of incoming travelers
The number of inbound travelers in July 2022 increased by 87.3% year-on-year to 5,277.3,000. Specifically, passenger flows through airports increased by 79.9% compared to July 2021, as did passenger flows through points of road border crossings, by 117.2%. This overall increase is due to an increase in flows of travelers from both the EU27 (up 58.7%) and outside the EU27 (up 165.4%). Specifically, the number of travelers from inside the euro area increased by 49.4% to 2,047.8 thousand, while the number of travelers from non-euro area EU27 countries increased by 77.2% to 1,224.3 thousand.

Specifically, travelers from Germany increased by 39.9% to 643,100 and travelers from France increased by 42.0% to 370,500. travelers from the United Kingdom increased by 357.9% to 813,500, while the number of travelers from the United States increased by 95.2% to 189,100. The number of travelers from Russia increased decreased by 85.1% to 4,000.

In January-July 2022, the number of inbound travelers increased by 191.4% to 13,260.6 thousand (January-July 2021: 4,550.0 thousand). Specifically, passenger flows through airports increased by 204.3%, as did passenger flows through road border crossing points, by 171.5%. During the period under review, the number of travelers from the EU27 increased by 148.5% year-on-year to 8,064.6 thousand, while the number of travelers from outside the EU27 increased by 298.1% to reach 5,196.0 thousand. Travelers from the euro area increased by 158.4% and travelers from non-euro area EU27 countries increased by 128.7%.

Specifically, the number of travelers from Germany increased by 157.8% to 2,065.6 thousand, as did the number of travelers from France, by 131.8% to 900.9 thousand. With regard to non-EU27 countries, the number of travelers from the United Kingdom increased by 658.7% to 2,031.7 thousand, while the number of travelers from the United States increased by 279, 8% to 513.9 thousand. The number of travelers from Russia fell by 34.7% to 20,000.

Comparison with 2019, the last year before the pandemic
Compared to July 2019, travel receipts increased by 0.5% in July 2022, average expenditure per trip increased by 8.5%, while inbound traveler flows decreased by 7.0%.

Compared to January-July 2019, travel receipts fell by 2.9% in January-July 2022, incoming traveler flows fell by 12.1%, while average expenditure per trip increased by 11 .2%.

Remarks:
1. Inbound passenger flows exclude cruise passengers other than those recorded in the border survey.
2. The tables accompanying this press release also include the percentage changes compared to the respective periods of 2019, the last year before the pandemic, in order to allow a better understanding of the evolution of the balance of travel services.

Related Information:
The next press release on “Travel Services Balance Development” for August 2022 will be issued on October 24, 2022, in accordance with the advance release schedule published 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.

Willie R. Golden