Travel receipts recorded a new rise in February, as the increase in travel traffic continued, boosting the travel balance surplus, according to Bank of Greece data.
The balance of travel services posted a surplus of €117.3 million in February 2024 and a surplus of €229.9 million in January-February 2024. - Travel receipts rose by 22.2% in February 2024 and by 24.5% in January-February 2024. - Inbound traveller flows increased by 26.0% in February 2024 and by 20.7% in January‑February 2024.
BALANCE OF TRAVEL SERVICES
Based on provisional data, the balance of travel services in February 2024 showed a surplus of €117.3 million, up from a surplus of €116.2 million in February 2023. More specifically, travel receipts in February 2024 rose by 22.2% to €291.4 million, from €238.5 million in February 2023, while travel payments also increased by 42.3% (February 2024: €174.1 million, February 2023: €122.4 million). The rise in travel receipts was due to a 26.0% increase in inbound traveller flows, as average expenditure per trip declined by 2.9%. Net travel receipts offset 3.8% of the goods deficit and contributed 31.2% to total net receipts from services.
In January-February 2024, the balance of travel services showed a surplus of €229.9 million, up from a surplus of €170.7 million in the same period of 2023. Travel receipts rose by €112.2 million, or 24.5%, to €569.7 million, while travel payments increased by €53.0 million, or 18.5%, to €339.8 million. The rise in travel receipts stemmed from a 20.7% increase in inbound traveller flows and a 3.3% increase in average expenditure per trip. Net travel receipts offset 4.0% of the goods deficit and contributed 28.3% to total net receipts from services.
TRAVEL RECEIPTS
In February 2024, as mentioned previously, travel receipts grew by 22.2% year-on-year. In more detail, receipts from residents of EU27 countries increased by 57.3% to €154.8 million, whereas receipts from outside the EU27 decreased by 2.7% (February 2024: €134.3 million, February 2023: €138.0 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 48.2% (February 2024: €125.1 million, February 2023: €84.4 million) as well as in receipts from residents of non-euro area EU27 countries by 111.5% to €29.8 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 65.5% to €29.7 million, whereas receipts from France dropped by 50.1% to €14.1 million. Turning to non-EU27 countries, receipts from the United Kingdom decreased by 30.8% to €13.2 million, as did receipts from the United States, by 4.3% to €23.0 million. No receipts were recorded from Russia.
In January-February 2024, travel receipts totalled €569.7 million, up by 24.5% relative to the same period of 2023. This development was due to an increase in receipts from residents of the EU27 by 60.2% to €303.9 million, as receipts from residents outside the EU27 decreased by 0.9% to €260.8 million. In greater detail, receipts from euro area residents rose by 48.9% to €240.6 million and receipts from residents of non-euro area EU27 countries increased by 125.1% to €63.3 million. Specifically, receipts from Germany rose by 48.7% to €58.7 million, whereas receipts from France dropped by 12.9% to €34.1 million. Turning to non-EU27 countries, receipts from the United Kingdom decreased by 11.7% to €33.2 million, while receipts from the United States increased by 20.9% to €46.0 million. No receipts were recorded from Russia.
INBOUND TRAVELLER FLOWS
The number of inbound travellers in February 2024 rose by 26.0% year-on-year to 721.3 thousand. Specifically, traveller flows through airports increased by 27.2% year-on-year, while traveller flows through road border-crossing points rose by 25.6%. This overall increase was due to higher traveller flows from both within the EU27 (up by 51.5%) and outside the EU27 (up by 5.3%). In greater detail, travellers from within the euro area increased by 48.2% to 257.9 thousand. Τravellers from non-euro area EU27 countries also increased by 58.6% to 130.4 thousand. Specifically, the number of travellers from Germany rose by 51.6% to 62.5 thousand and the number of travellers from France decreased by 39.8% to 27.3 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom fell by 28.1% to 28.4 thousand, whereas travellers from the United States increased by 87.8% to 41.1 thousand. No travellers were recorded from Russia.
In January-February 2024, the number of inbound travellers rose by 20.7% to 1,458.6 thousand (January-February 2023: 1,208.1 thousand). Specifically, traveller flows through airports increased by 19.0%, while traveller flows through road border-crossing points rose by 25.2%. In the period under review, the number of travellers from within the EU27 rose by 37.3% year-on-year to 755.8 thousand, while travellers from outside the EU27 increased by 6.9% to 702.8 thousand. The number of travellers from within the euro area rose by 33.4%, and travellers from non-euro area EU27 countries increased by 46.4%. Specifically, the number of travellers from Germany rose by 25.4% to 132.7 thousand, while the number of travellers from France fell by 9.1% to 69.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom declined by 34.7% to 64.6 thousand and the number of travellers from the United States grew by 158.4% to 95.7 thousand. No travellers were recorded from Russia.
