According to the provisional data of the Central Bank of Greece, the balance of travel services in November 2022 showed a surplus of 180.0 million euros, from a surplus of 154.8 million euros in November 2021. More specifically, travel revenues increased by 15.9% in November 2022 to €314.0 million from €271.0 million in November 2021, while travel payments increased by 15.4% (November 2022: 134.0 million Euros). million Euros, November 2021: 116.2 million Euros).
The increase in travel revenues was driven by a 44.7% increase in inbound passenger flows, while average expenditure per trip decreased by 21.8%. Net travel revenues offset 4.7% of the goods deficit and contributed 55.4% to total net services revenues.
In January-November 2022, the balance of travel services showed a surplus of €15,624.7 million, up from €9,316.7 million in the same period in 2021. Travel revenues rose 7,067.6 million euros, or 68.5%, to 17,384.2 million euros, while travel payments rose 759.6 million euros, or 76.0%, to 1,759.5 million euros. The increase in travel revenues was driven by a 90.3% increase in inbound passenger flows, while average expenditure per trip decreased by 12.0%. Net travel revenues offset 43.4% of the goods deficit and contributed 82.0% to total net services revenues.
As mentioned earlier, in November 2022, travel revenues increased by 15.9% year-on-year. More specifically, revenues from EU27 residents increased by 13.3% to €127.4 million, while revenues from outside the EU27 increased by 13.0% (November 2022: €162.2 million, November 2021: 143.5 million). Euro). The increase in revenues from within the EU27 is attributed to a 167.5 percent increase in revenues from non-EU27 residents of EUR 33.3 million, while revenues from euro area residents fell by 5.9% (November 2022: €). 94.1 million, November 2021: €100.0 million).
More specifically, among the main eurozone origin countries, revenues from Germany decreased by 23.7% to EUR 22.0 million, while revenues from France increased by 7.1% to EUR 9.1 million. Looking at non-EU27 countries, revenues from the United Kingdom decreased 32.0% to 21.6 million Euros, while revenues from the United States increased 87.5% to 38.1 million Euros. Revenues from Russia decreased by 95.4% to 0.4 million Euros.
In January-November 2022, travel revenues reached 17,384.2 million euros, an increase of 68.5% compared to the same period of 2021. This development was driven by a 47.4% increase in EU27 residents’ incomes to €9,889.6 million and an increase in residents’ income. Outside the EU27, it increased by 106.5% to 7,093.1 million euros. More specifically, income from eurozone residents rose 45.4% to €7,945.9m, while non-eurozone EU27 residents’ incomes rose 56.0% to €1,943.6m.
Specifically, revenues from Germany increased by 41.2% to €3,233.3 million, and revenues from France increased by 28.5% to €1,261.1 million. Looking at non-EU27 countries, revenues from the UK increased by 115.9% to 3,101.4 million euros. Revenues from the United States also increased by 96.6% to 1,155.0 million euros, while revenues from Russia decreased by 62.7% to 40.5 million euros.
Inbound passenger flows
The number of arriving passengers in November 2022 increased by 44.7% year on year to 812.4 thousand. Specifically, passenger flow from airports increased by 21.1% compared to November 2021, while passenger flow from road border crossing points increased by 133.7%. This overall increase was driven by higher passenger flows from both within the EU27 (46.5% increase) and outside the EU27 (42.8% increase). More specifically, passengers from within the eurozone rose 8.6% to 247.6k, while passengers from non-eurozone EU27 countries rose 184.1% to 178.9k.
While the number of passengers from Germany decreased by 11.2 percent to 66.9 thousand, the number of passengers from France increased by 58.1 percent to 28.9 thousand. Looking at non-EU27 countries, the number of passengers from the United Kingdom decreased by 28.7% to 45.5 thousand, while the number of passengers from the United States increased by 300.5% to 67.5 thousand. The number of passengers arriving from Russia decreased by 95.8% to 0.7 thousand.
In the January-November 2022 period, the number of arriving passengers increased by 90.3% to 27.255.4 thousand (January-November 2021: 14,324.4 thousand). Specifically, passenger flow from airports increased by 82.4%, while passenger flow from road border crossing points increased by 135.7%. In the analyzed period, the number of passengers arriving from within the EU27 increased by 68.3% year-on-year to 16,764.2 thousand, while the number of passengers arriving from outside the EU27 increased by 140.6% to 10,491.2 thousand. The number of passengers arriving from within the eurozone increased by 57.7%, while the number of passengers from EU27 countries outside the eurozone increased by 96.2%.
In particular, passengers from Germany increased by 45.6% to 4,307.7 thousand, while those from France increased by 50.1% to 1,739.8 thousand. Looking at non-EU-27 countries, the number of passengers from the UK increased by 185.2% to 4,416.3 thousand, while the number of passengers from the United States increased by 173.3% to 1,043.2 thousand. The number of passengers from Russia decreased by 68.3 percent to 35.3 thousand.
Comparison with 2019, the last year before the pandemic
Compared to November 2019, in November 2022 travel revenues fell by 0.4%, average spend per trip increased by 15.6%, and inbound passenger flows decreased by 12.6%.
Compared to January-November 2019, travel revenues fell by 2.8% and inbound flows by 11.1% in January-November 2022, although average spending per trip increased by 9.8%.