Based on provisional data by the Bank of Greece, the balance of travel services showed a deficit of €4 million in February 2016, compared with a surplus of €4 million in February 2015. More specifically, travel receipts dropped by 6.7% to €134 million in February 2016, down from €143 million in the same month of 2015. Travel payments also fell by 1.4% (February 2016: €138 million, February 2015: €140 million). Lower travel receipts resulted mainly from a decrease of 14.9% in arrivals, as the average expenditure per trip rose by 9.7%. It should be noted that the travel services deficit offset only a small part of the surplus in other services and had a negative effect on the total balance of goods and services.
In January – February 2016, the balance of travel services showed a surplus of €28 million, up 87.4% from a surplus of €15 million in the same period of 2015. This development is attributed to the larger fall in travel payments (down €31 million or 10.3%) than in travel receipts (down €17 million or 5.6%). Lower travel receipts were mainly due to a decrease of 11.0% in arrivals, as the average expenditure per trip rose by 6.1%. Net receipts from travel services offset 1.1% of the goods deficit and accounted for 7.3% of total net receipts from services.
Travel receipts
In February 2016, as mentioned previously, travel receipts decreased by 6.7% year-on-year. Looking at the breakdown by visitor’s country of origin, receipts from residents of the EU28 dropped by 7.3% (February 2016: €72 million, February 2015: €77 million) and those from residents outside the EU28 by 6.0% (February 2016: €60 million, February 2015: €64 million). Lower receipts from within the EU28 resulted from a fall of €7 million or 20.0% in receipts from residents of non-euro area EU28 countries, as receipts from euro area residents rose by 4.6% (February 2016: €42 million, February 2015: €40 million). Among major countries of origin, receipts from Germany increased by 28.2% to €13 million, while those from France decreased by 24.5% to €3 million. Receipts from the United Kingdom fell by 2.9% to €13 million. Turning to non-EU28 countries, receipts from Russia decreased by 6.4% to €3 million, while those from the United States increased by 22.0% to €5 million.
In January – February 2016, travel receipts decreased by 5.6% year-on-year to €295 million. This development is attributed to lower receipts from within the EU28 (down 15.8% to €143 million), as receipts from outside the EU28 rose by 6.9% to €148 million. In particular, receipts from euro area residents fell by 12.0% to €84 million and receipts from residents of non-euro area EU28 countries dropped by 20.6% to €60 million. More specifically, receipts from Germany decreased by 1.5% to €26 million and those from France by 24.6% to €7 million. Receipts from the United Kingdom also fell, by 13.1% to €25 million. Turning to non-EU28 countries, receipts from Russia rose by 3.1% to €6 million, while receipts from the United States fell by 2.2% to €11 million.
Inbound traveller flows
The number of inbound visitors in February 2016 fell by 14.9% year-on-year to 433 thousand. This development reflected a 16.4% drop in arrivals from within the EU28, as well as a 13.0% decrease in arrivals from outside the EU28. In greater detail, arrivals from the euro area increased by 13.3% to 108 thousand, while those from the non-euro area EU28 countries dropped by 30.7% (February 2016: 138 thousand, February 2015: 198 thousand). Specifically, arrivals from Germany rose by 24.8% to 32 thousand visitors and those from France by 12.7% to 12 thousand. Arrivals from the United Kingdom fell by 10.9% to 29 thousand. Turning to non-EU28 countries, arrivals from Russia increased by 93.6% to 7 thousand and those from the United States rose by 58.6% to 12 thousand.
The number of inbound visitors in January – February 2016 decreased by 11.0% to 992 thousand (compared with 1,115 thousand in the same period of 2015). In the period reviewed, arrivals from within the EU28 stood at 563 thousand (down 15.3% year-on-year). Also, arrivals from outside the EU28 dropped by 4.7% to 430 thousand. Arrivals from the euro area rose by 0.6%, while those from the non-euro area EU28 countries fell by 23.6%. More specifically, arrivals from Germany remained broadly unchanged at 70 thousand, while those from France increased by 2.2% to 23 thousand visitors. Arrivals from the United Kingdom decreased by 10.2% to 59 thousand. Finally, turning to non-EU28 countries, arrivals from Russia rose by 40.3% to 10 thousand and those from the United States increased by 22.9% to 29 thousand.
Related link: Developments in the balance of travel services: February 2016
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