Travel receipts up 38% in Jan-April
The balance of travel services in April showed a surplus of 498.2 million euros, based on provisional data, up from a surplus of 429.2 million in April 2022, the Bank of Greece said on Wednesday.
More specifically, travel receipts in April 2023 rose by 19.9% to 761.1 million, from 634.9 million in April 2022, while travel payments also increased by 27.8% (April 2023: 262.9 million, April 2022: 205.7 million). The rise in travel receipts was due to a 30.0% increase in inbound traveler flows, as average expenditure per trip declined by 8.4%. Net travel receipts offset 21.9% of the goods deficit and contributed 60.1% to total net services receipts.
In the January-April period, the balance of travel services posted a surplus of 731.4 million euros, up from a surplus of 579.3 million in the same period of 2022. Travel receipts rose by 411.7 million, or 38.0%, to 1,494 million, while travel payments increased by 259.5 million, or 51.6%, to 762.6 million. The rise in travel receipts reflected a 52.5% increase in inbound traveler flows, as average expenditure per trip fell by 9.6%. Net travel receipts offset 7.6% of the goods deficit and contributed 40.1% to total net services receipts.
The rise in April receipts from within the EU27 is attributed to increases in receipts from euro area residents by 4.6% (April 2023: 326.3 million, April 2022: 311.8 million) and in receipts from residents of non-euro area EU27 countries by 92.2% to 58.9 million. More specifically, among major euro area countries of origin, receipts from Germany increased by 1.9% to 117.3 million, as did receipts from France, by 0.8% to 69.1 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 8.4% to 82.0 million, while receipts from the United States grew by 89.7% to 71.2 million. Receipts from Russia decreased by 48.6% to 0.8 million.
In the four-month period from January to April, travel receipts totaled 1,494. million, up by 38.0% relative to the same period of 2022. This development was due to increases in receipts from residents of the EU27 by 20.5% to 703.9 million and in receipts from residents outside the EU27 by 59.8% to 748.0 million. In more detail, receipts from euro area residents rose by 16.7% to 593.2 million, while receipts from residents of non-euro area EU27 countries increased by 45.9% to 110.7 million. Specifically, receipts from Germany remained stable at 180.7 million, while receipts from France rose by 36.6% to 127.0 million. Turning to non-EU27 countries, receipts from the United Kingdom grew by 18.0% to 136.9 million.
Receipts from the United States increased by 93.9% to 138.1 million, while receipts from Russia dropped by 47.0% to 4.0 million.
The number of inbound travelers in April, rose by 30.0% year-on-year to 1,372.6 thousand. In January-April, the number of inbound travelers rose by 52.5% to 3,246.8 thousand (January-April 2022: 2,128.7 thousand). [AMNA]
