The balance of travel services in August 2022 showed a surplus of 3,828.3 million euros, against a surplus of 3,018.6 million euros in August 2021, according to preliminary data released by the Bank of Greece on Monday.
More specifically, in August 2022, travel revenues increased by 28.1% to 4,042.9 million, from 3,156.2 million in August 2021, while travel expenses also increased by 56.0% (August 2022: 214.6 million, August 2021: 137.6 million). The increase in travel revenue was the result of a 44.0% increase in inbound travel as the average spend per trip decreased by 11.2%. Net revenues from travel services accounted for 91.0% of total net revenues from services and (127.3%) more than offset the goods shortfall.
In the January-August period, the balance of travel services showed a surplus of 11,458.7 million, compared to a surplus of 6,046.1 million in the same period of 2021. Travel revenues increased by 6,110.9 million or 92.1% to 12,749, 0 million, while travel expenses increased by 698.2 million, or 117.9%, to 1,290.3 million. The increase in travel revenue was the result of a 121.8% increase in inbound travel, as the average spend per trip decreased by 14.1%. Net travel revenues compensated 46.9% of the goods shortfall and contributed 80.6% to total net service revenues.
Per country
In August 2022, travel revenue increased by 28.1% year-on-year. In more detail, receipts from residents of EU27 countries increased by 14.0% to 2,457.0 million, while receipts from outside the EU27 increased by 58.9% (August 2022: 1,523.8 million, August 2021 959.1 million). More specifically, receipts from Germany from the main euro area countries of origin increased by 5.6% to 644.6 million, while receipts from France decreased by 2.3% to 369.3 million. As for the non-EU27 countries, receipts from the United Kingdom increased by 59.5% to 800.3 million and receipts from the United States by 17.2% to 154.8 million. Receipts from Russia fell by 83.4% to 3.5 million.
In the eight-month period from January to August, travel revenue amounted to 12,749.0 million, an increase of 92.1% compared to the same period of 2021. This development was the result of an increase in revenue from EU27 residents of 64 .8% to 7,446.0 million and in receipts from residents outside the EU27 by 147.7% to 5,055.1 million. In more detail, receipts from euro area residents increased by 63.3% to 5,874.3 million, while receipts from non-euro area residents of EU27 countries increased by 70.6% to 1,571.7 million.
Airport flows
The number of inbound travelers rose by 44.0% year-on-year in August to 5,865.8 thousand.
In particular, passenger flows through airports increased by 32.2% compared to August 2021, as did passenger flows through road border crossing points, by 95.6%.
In the period January-August, the number of inbound travelers increased by 121.8% to 19,126.4 thousand (January-August 2021: 8,624.1 thousand).
Compared to August 2019, travel revenues decreased by 1.5%, average spending per trip increased by 14.0% and inbound passenger flows decreased by 13.3% in August 2022.
Compared to January-August 2019, travel revenues decreased by 3.6%, inbound passenger flows decreased by 12.4% and average expenditure per trip increased by 10.6% in January-August 2022. [ΑΜΝΑ]
