BoG: More than 26.4 million tourists visited Greece in the first ten months of 2022

Based on provisional data by the Bank of Greece, the balance of travel services in October 2022 showed a surplus of €1,308.2 million, up from a surplus of €1,132.8 million in October 2021. More specifically, travel receipts in October 2022 rose by 16.7% to €1,510.4 million, from €1,294.3 million in October 2021, while travel payments also increased by 25.2% (October 2022: €202.2 million, October 2021: €161.5 million). The rise in travel receipts was due to a 28.6% increase in inbound traveller flows, as average expenditure per trip declined by 9.8%. Net receipts from travel services offset 32.1% of the goods deficit and contributed 84.3% to total net receipts from services.

In January-October 2022, the balance of travel services showed a surplus of €15,436.4 million, up from a surplus of €9,161.9 million in the same period of 2021. Travel receipts rose by €7,069.2 million, or 70.4%, to €17,114.8 million, while travel payments also increased by €794.7 million, or 89.9%, to €1,678.4 million. The rise in travel receipts stemmed from a 92.1% increase in inbound traveller flows, as average expenditure per trip declined by 11.8%. Net travel receipts offset 47.9% of the goods deficit and contributed 82.5% to total net receipts from services.

Travel receipts
In October 2022, as previously mentioned, travel receipts rose by 16.7% year-on-year. In more detail, receipts from residents of EU27 countries rose by 6.6% to €827.2 million, while receipts from outside the EU27 increased by 31.1% (October 2022: €627.3 million, October 2021: €478.4 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro area residents by 5.9% (October 2022: €736.8 million, October 2021: €696.0 million) and in receipts from residents of non-euro area EU27 countries by 12.8% to €90.4 million.

More specifically, among major euro area countries of origin, receipts from Germany declined by 7.9% to €369.8 million, whereas receipts from France increased by 6.8% to €84.7 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 31.2% to €256.7 million, as did receipts from the United States, by 44.6% to €133.7 million. Receipts from Russia dropped by 89.0% to €3.3 million.

In January-October 2022, travel receipts totalled €17,114.8 million, up by 70.4% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 49.0% to €9,827.0 million and in receipts from residents outside the EU27 by 110.5% to €6,927.8 million. In greater detail, receipts from euro area residents rose by 46.0% to €7,830.6 million, while receipts from residents of non-euro area EU27 countries increased by 61.9% to €1,996.5 million.

In particular, receipts from Germany increased by 37.9% to €3,117.8 million, as did receipts from France, by 29.1% to €1,256.6 million. Turning to non-EU27 countries, receipts from the United Kingdom rose by 122.7% to €3,128.3 million and receipts from the United States also increased by 86.4% to €1,057.3 million. Receipts from Russia fell by 65.0% to €34.5 million.

Inbound traveller flows
The number of inbound travellers in October 2022 rose by 28.6% year-on-year to 2,756.4 thousand. Specifically, traveller flows through airports increased by 20.0% compared with October 2021, while traveller flows through road border-crossing points rose by 139.4%. This overall increase was due to higher traveller flows from both within the EU27 (up by 11.0%) and outside the EU27 (up by 64.3%). In greater detail, travellers from within the euro area rose by 2.5% to 1,255.4 thousand, while travellers from non-euro area EU27 countries also increased by 60.2% to 340.7 thousand.

Specifically, the number of travellers from Germany declined by 7.2% to 621.1 thousand, whereas the number of travellers from France rose by 22.4% to 165.4 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom increased by 67.4% to 518.3 thousand, while travellers from the United States also increased by 102.6% to 139.8 thousand. The number of travellers from Russia fell by 87.9% to 3.3 thousand.

In January-October 2022, the number of inbound travellers rose by 92.1% to 26,443.1 thousand (January-October 2021: 13,763.2 thousand). Specifically, traveller flows through airports increased by 84.7%, while traveller flows through road border-crossing points rose by 135.8%. In the period under review, the number of travellers from within the EU27 rose by 68.9% year-on-year to 16,337.8 thousand and travellers from outside the EU27 increased by 147.0% to 10,105.3 thousand. The number of travellers from within the euro area rose by 59.3%, as did travellers from non-euro area EU27 countries, by 94.2%.

Specifically, travellers from Germany increased by 47.1% to 4,240.8 thousand and those from France by 49.9% to 1,711.0 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom rose by 194.4% to 4,370.8 thousand, as well as those from the United States by 167.5% to 975.7 thousand. The number of travellers from Russia dropped by 63.3% to 34.6 thousand.

In comparison with 2019, the last year before the pandemic
Compared with October 2019, travel receipts rose by 3.3%, average expenditure per trip increased by 5.9%, while inbound traveller flows dropped by 0.6% in October 2022.

Compared with January-October 2019, travel receipts fell by 2.6% as did inbound traveller flows by 11.0% in January-October 2022. By contrast, the average expenditure per trip increased by 10.1%. 

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