26/03/2024 - Press Releases

- The balance of travel services posted a surplus of €112.6 million in January 2024.

- Travel receipts rose by 27.1% in January 2024.

- Inbound traveller flows grew by 16.0% in January 2024.

Balance of travel services

Based on provisional data, the balance of travel services showed a surplus of €112.6 million in January 2024, up from a surplus of €54.6 million in January 2023. More specifically, in January 2024, travel receipts rose by 27.1% to €278.3 million, up from €219.0 million in January 2023, while travel payments also increased by 0.7% (January 2024: €165.7 million, January 2023: €164.4 million). The rise in travel receipts is attributed both to a 16.0% increase in inbound traveller flows and to a 9.7% growth of the average expenditure per trip. Net travel receipts offset 4.2% of the goods deficit and contributed 25.8% of total net services receipts.

Travel receipts

In January 2024, as mentioned previously, travel receipts rose by 27.1% year-on-year. In more detail, receipts from residents of the EU27 increased by 63.3% to €149.0 million and receipts from outside the EU27 grew by 1.0% (January 2024: €126.5 million, January 2023: €125.2 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 49.6% (January 2024: €115.5 million, January 2023: €77.2 million) and in receipts from residents of non-euro area EU27 countries by 138.8% to €33.5 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 34.7% to €29.0 million, while receipts from France increased by 83.0% to €20.0 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 8.1% to €20.0 million, and receipts from the United States grew by 63.6% to €23.1 million. No receipts were recorded from Russia.

Inbound traveller flows

The number of inbound travellers in January 2024 rose by 16.0% year-on-year to 737.3 thousand. Specifically, traveller flows through airports increased by 11.7% compared to January 2023, while traveller flows through road border-crossing points rose by 24.8%. This increase was due to higher traveller flows from both within the EU27 (up by 24.9%) and outside the EU27 (up by 8.3%). In greater detail, travellers from within the euro area rose by 21.2% to 254.7 thousand, while travellers from non-euro area EU27 countries increased by 34.4% to 112.8 thousand. Specifically, the number of travellers from Germany rose by 8.6% to 70.2 thousand and the number of travellers from France increased by 35.4% to 42.6 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom dropped by 39.2% to 36.2 thousand, while travellers from the United States increased by 260.2% to 54.6 thousand. No travellers were recorded from Russia.

Note:

Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.

Related information:

The next Press Release on "Developments in the balance of travel services" for February 2024 will be published on 22 April 2024, in accordance with the 2024 Advance Release Calendar posted 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.

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Bank of Greece published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 12:23:02 UTC.