Bank of Greece issued the following announcement on May 22.

Balance of travel services

Based on provisional data, the balance of travel services in March 2019 showed a surplus of €95 million, almost the same as in March 2018. More specifically, travel receipts in March 2019 rose by 32.2% to €319 million, from €241 million in March 2018, while travel payments also increased by 53.4% (March 2019: €224 million, March 2018: €146 million). The rise in travel receipts is attributed to a 21.9% increase in average expenditure per trip, as well as to a rise of 9.1% in inbound traveller flows. Net receipts from travel services offset 4.5% of the goods deficit and accounted for 16.1% of total net receipts from services.

In January-March 2019, the balance of travel services showed a surplus of €212 million, up from a surplus of €127 million in the same period of 2018. This development is attributed to an increase, by 37.2% or €206 million, in travel receipts, which were only partly offset by travel payments, up by 28.4% or €121 million. The rise in travel receipts is attributed to a 27.7% increase in average expenditure per trip, as well as to a rise of 7.8% in inbound traveller flows. Net receipts from travel services offset 3.5% of the goods deficit and accounted for 13.7% of total net receipts from services.

Travel receipts

In March 2019, as mentioned previously, travel receipts rose by 32.2% year-on-year. In more detail, receipts from residents of the EU28 increased by 9.0% to €157 million, whereas receipts from outside the EU28 rose by 70.3% (March 2019: €157 million, March 2018: €92 million). The rise in receipts from within the EU28 was due to a 34.4% increase in receipts from residents of non-euro area EU28 countries (March 2019: €57 million, March 2018: €43 million), as receipts from euro area residents fell by 1.7% to €99 million. Among major countries of origin, receipts from Germany decreased by 1.4% to €37 million, whereas receipts from France increased by 40.7% to €12 million. Receipts from the United Kingdom also increased, by 60.8% to €32 million. Turning to non-EU28 countries, receipts from the United States rose by 181.9% to €48 million, while receipts from Russia increased by 69.8% to €6 million.

In January-March 2019, travel receipts totalled €760 million, up 37.2% relative to the same period of 2018. This development was driven by a 21.9% increase in receipts from residents of the EU28, which came to €397 million, and by a 61.0% rise in receipts from residents outside the EU28 to €356 million. In particular, receipts from euro area residents increased by 10.6% year-on-year to €240 million, while receipts from residents of non-euro area EU28 countries rose by 44.4% to €158 million. Specifically, receipts from Germany increased by 9.5% to €85 million and receipts from France increased by 55.3% to €27 million. Receipts from the United Kingdom also increased, by 79.5% to €75 million. Turning to non-EU28 countries, receipts from the United States increased by 118.9% to €76 million, while receipts from Russia increased by 63.5% to €15 million.

Inbound traveller flows (1)

The number of inbound visitors in March 2019 rose by 9.1% year-on-year to 773 thousand. Specifically, visitor flows through airports increased by 18.3%, whereas visitor flows through road border-crossing points declined by 2.0%. This increase in flows was due to higher visitor flows from outside the EU28 (up 28.3%), as visitor flows from within the EU28 decreased by 3.7%. In greater detail, the number of visitors from within the euro area fell by 8.6% to 207 thousand, whereas visitors from the non-euro area EU28 countries increased by 1.8% (March 2019: 202 thousand, March 2018: 199 thousand). Specifically, the number of visitors from Germany decreased by 20.8% to 70 thousand, while visitors from France increased by 47.7% to 30 thousand. Visitors from the United Kingdom rose by 22.8% to 51 thousand. Turning to non-EU28 countries, visitors from the United States increased by 66.1% to 60 thousand and visitors from Russia increased by 151.7% to 11 thousand.

In January-March 2019, the number of inbound visitors rose by 7.8% year-on-year to 1,936 thousand (January-March 2018: 1,796 thousand). Specifically, visitor flows through airports increased by 19.5%, whereas visitor flows through road border-crossing points declined by 5.3%. In the period under review, the number of visitors from within the EU28 edged up by 0.2% year-on-year to 1,073 thousand, while the number of visitors from outside the EU28 rose by 19.1% to 863 thousand. Visitors from within the euro area decreased by 1.7%, while visitors from the non-euro area EU28 countries increased by 2.0%. Specifically, the number of visitors from Germany fell by 9.6% to 177 thousand, whereas visitors from France increased by 42.8% to 55 thousand. Visitors from the United Kingdom also rose, by 41.8% to 143 thousand. Finally, turning to non-EU28 countries, the number of visitors from the United States rose by 47.4% to 104 thousand, while the number of visitors from Russia also increased, by 89.9% to 30 thousand.

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

Developments in the balance of travel services: March 2019 - Table

Note: The next Press Release on “Developments in the balance of travel services” for April 2019 will be published on 21 June 2019.

Original source can be found here.