Travel revenues continued an upward course in October 2019, according to figures released by the Bank of Greece on Monday, even though the balance of travel services was slightly down, compared to the same period of 2018, namely at 1.191 billion euros from 1.212 billion euros.
A 13.1% rise in travel revenues was posted for the first 10 months of 2019, exceeding the 17.5-billion-euro threshold. According to the BoG, German, UK, US, and Russian visitors, on average, increased their holiday spending while in Greece.
The entire report is as follows:
Based on provisional data, the balance of travel services in October 2019 showed a surplus of €1,191 million, compared with a surplus of €1,212 million in October 2018. More specifically, travel receipts in October 2019 rose by 4.1% to €1,442 million, from €1,385 million in October 2018, while travel payments also increased by 44.8% (October 2019: €250 million, October 2018: €173 million). The rise in travel receipts is attributed to a 2.3% year-on-year increase in average expenditure per trip, as well as to a rise of 1.9% in inbound traveler flows. Net receipts from travel services accounted for 73.2% of total net receipts from services and offset 58.0% of the goods deficit.
In January-October 2019, the balance of travel services showed a surplus of €15,224 million, up from a surplus of €13,718 million in the same period of 2018. This development is attributed to an increase, by 13.1% or €2,033 million, in travel receipts, which were only partly offset by travel payments, up by 29.7% or €528 million. The rise in travel receipts was driven by a 9.3% increase in average expenditure per trip and by a 3.7% rise in inbound traveler flows. Net receipts from travel services offset 78.0% of the goods deficit and accounted for 76.2% of total net receipts from services.
Travel receipts
In October 2019, as mentioned previously, travel receipts increased by 4.1% year-on-year. In more detail, receipts from residents of the EU28 rose by 1.3% to €890 million, whereas receipts from outside the EU28 rose by 10.2% (October 2019: €487 million, October 2018: €442 million). The rise in receipts from within the EU28 was due to a 2.2% increase in receipts from euro area residents (October 2019: €628 million, October 2018: €614 million), as receipts from residents of non-euro area EU28 countries fell by 0.9% to €262 million. Among major countries of origin, receipts from Germany rose by 7.0% to €341 million, while receipts from France fell by 9.6% to €82 million. Receipts from the United Kingdom increased by 6.9% to €155 million. Turning to non-EU28 countries, receipts from the United States decreased by 22.1% to €125 million, while receipts from Russia increased by 156.8% to €46 million.
In January-October 2019, travel receipts totaled €17,530 million, up by 13.1%, relative to the same period of 2018. This development was driven by a 12.5% increase in receipts from residents of the EU28, which came to €12,067 million, and by a 15.2% rise in receipts from residents outside the EU28 to €5,033 million. In particular, receipts from euro area residents rose by 7.7% to €7,447 million, while receipts from residents of non-euro area EU28 countries increased by 21.3% to €4,620 million. Specifically, receipts from Germany fell by 4.2% to €2,782 million, while receipts from France increased by 16.2% to €1,084 million. Receipts from the United Kingdom also rose, by 36.7% to €2,582 million. Turning to non-EU28 countries, receipts from the United States increased by 10.3% to €1,085 million and receipts from Russia increased by 27.5% to €415 million.
Inbound traveler flows
The number of inbound visitors in October 2019 stood at 2,773 thousand, compared with 2,723 thousand in October 2018. Specifically, visitor flows through airports declined by 1.5%, whereas visitor flows through road border-crossing points increased by 13.4%. This increase in flows was due to higher visitor flows from outside the EU28 (up 11.5%), as visitor flows from within the EU28 decreased by 1.7%. In greater detail, the number of visitors from within the euro area fell by 6.2% to 1,151 thousand, whereas visitors from the non-euro area EU28 countries increased by 5.5% (October 2019: 795 thousand, October 2018: 753 thousand). Specifically, the number of visitors from Germany decreased by 2.8% to 595 thousand, while visitors from France also decreased by 18.0% to 129 thousand. Visitors from the United Kingdom rose by 11.9% to 283 thousand. Turning to non-EU28 countries, visitors from the United States fell by 24.2% to 125 thousand, whereas visitors from Russia increased by 81.3% to 82 thousand.
In January-October 2019, the number of inbound visitors rose by 3.7% to 29,727 thousand (January-October 2018: 28,680 thousand). Specifically, visitor flows through airports increased by 1.3% and visitor flows through road border-crossing points increased by 8.4%. In the period under review, the number of visitors from within the EU28 rose by 2.8% year-on-year to 21,179 thousand, while visitors from outside the EU28 rose by 5.9% to 8,548 thousand. Visitors from within the euro area declined by 4.0%, whereas visitors from the non-euro area EU28 countries rose by 10.6%. Specifically, the number of visitors from Germany decreased by 8.2% to 3,907 thousand, while visitors from France increased by 1.9% to 1,513 thousand. Visitors from the United Kingdom also increased, by 19.5% to 3,424 thousand. Finally, turning to non-EU28 countries, the number of visitors from the United States increased by 9.1% to 1,107 thousand, while visitors from Russia rose by 11.6% to 552 thousand.
The next Press Release on “Developments in the balance of travel services” for November 2019 will be published on 21 January 2020.
[1] Inbound traveler flows exclude cruise passengers (other than those recorded in the Border Survey).
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