Developments in the balance of travel services: July 2022


09/21/2022 – press releases

– That balance of travel services posted a surplus of 3,518.2 million euros in July 2022 and a surplus of 7,710.1 million euros for the period January-July 2022.

– In the 2019the last year before the pandemic, the balance of travel services had shown a surplus of 3,472.3 million euros in July and a surplus of 7,549.4 million euros from January to July 2019.

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

– Compared to the respective periods of 2019Travel revenue recorded a 0.5% increase in July 2022 and a 2.9% decrease in January-July 2022.

– Incoming travel streams 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 2019Inbound travel flows decreased by 7.0% in July 2022 and by 12.1% in January-July 2022.

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

in the January-July 2022The balance of travel services recorded a surplus of €7,710.1 million after a surplus of €3,027.4 million in the same period of 2021. Travel revenue increased by €5,367.5 million or 154.2% to 8,849.4 million, while travel payments increased by €684.8 million or 150.7% to €1,139.3 million. The rise in travel revenue resulted from a 191.4% increase in inbound travel flows, while average spend per trip fell by 13.6%. Travel net receipts offset 36.7% of the goods deficit and contributed 76.1% to the total services net receipts.

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travel receipts
in the July 2022, as previously mentioned, travel revenue grew 62.7% year over year. More specifically, income from residents of EU27 countries increased by 37.6% to 2,125.1 million euros, while income from outside the EU27 increased by 113.9% (July 2022: 1,542.6 million euros, July 2021: 721 .2 million euros). The increase in EU27 receipts is due to increases in receipts from euro area residents by 32.2% to €1,579.7 million (July 2021: €1,195.1 million) and in receipts from non-EU27 residents euro area by 56.1% to €545.4 million.

Among the most important countries of origin in the euro zone, receipts from Germany increased by 30.5% to 550.6 million euros and receipts from France by 15.8% to 281.0 million euros. Among the non-EU27 countries, receipts from the UK increased by 171.6% to 685.8 million euros and receipts from the United States by 65.8% to 229.4 million euros. Revenue from Russia fell by 90.6% to €2.7 million.

in the January-July 2022, travel revenue amounted to €8,849.4 million, up 154.2% compared to the same period in 2021. This development is due to a 116.0% increase in revenue from EU27 residents to €5,105.9 million , € and the income from residents outside the EU27 by 230.1% to €3,571.5 million. More specifically, the receipts of euro area residents increased by 119.9% ​​to 4,056.3 million euros, while the receipts of non-euro area EU27 residents increased by 102.0% to 1,049.6 million euros.

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In particular, revenue from Germany increased by 127.4% to €1,636.7 million and revenue from France by 87.6% to €659.7 million. Among the non-EU27 countries, receipts from the UK increased by 342.8% to €1,478.5 million, while receipts from the United States increased by 183.6% to €566.2 million. Revenue from Russia fell by 52.8% to €16.6 million.

Incoming travel streams
The number of arrivals in July 2022 increased by 87.3% to 5,277.3 thousand compared to the previous year. In particular, passenger flows via airports increased by 79.9% compared to July 2021, as did passenger flows via road border crossings by 117.2%. This overall increase was due to higher travel flows both within the EU27 (up 58.7%) and outside the EU27 (up 165.4%). More specifically, the number of travelers from the euro zone increased by 49.4% to 2,047.8 thousand, while the number of travelers from EU27 countries outside the euro zone increased by 77.2% to 1,224.3 thousand.

In particular, travelers from Germany increased by 39.9% to 643.1 thousand and travelers from France by 42.0% to 370.5 thousand. In the non-EU27 countries, the number of travelers from the UK increased by 357.9% to 813.5 000, while the number of travelers from the United States increased by 95.2% to 189.1 000. The number of travelers from Russia fell by 85.1% to 4,000.

in the January-July 2022the number of inbound travelers increased by 191.4% to 13,260.6 thousand (January-July 2021: 4,550.0 thousand). In particular, travel flows via airports increased by 204.3% and travel flows via road border crossings by 171.5%. In the reporting period, the number of travelers from the EU27 increased by 148.5% to 8,064.6 thousand, the number of travelers from outside the EU27 by 298.1% to 5,196.0 thousand. Travelers from the Eurozone increased by 158.4% and travelers from non-Eurozone EU27 countries increased by 128.7%.

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Specifically, the number of travelers from Germany rose by 157.8% to 2,065.6 thousand and the number of travelers from France by 131.8% to 900.9 thousand. In the 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.

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

Compared to the January-July 2019 period, in the January-July 2022 period, travel receipts fell by 2.9%, inbound travel flows fell by 12.1%, while average spend per trip increased by 11.2%.

Remarks:
1. Inbound travel flows exclude cruise ship passengers other than those captured in the boundary survey.
2. The tables accompanying this press release also include percentage changes from the respective periods in 2019, the last year before the pandemic, in order to provide a better understanding of the developments in the travel performance balance sheet.

related information:
The next press release related to “Developments in the travel services balance sheet” for August 2022 will be published on 24 October 2022 according to the pre-release calendar published on the Bank of Greece’s website.

Related link:
Detailed and definitive data on the balance of travel services are published in the “Travel Services” section of the Bank of Greece’s website.



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