BoG report: Greece still getting more tourists but spending less than before

Based on provisional data by the Bank of Greece, the balance of travel services in May 2024 showed a surplus of €1,649.0 million, up from a surplus of €1,605.0 million in May 2023. More specifically, travel receipts in May 2024 rose by 6.8% to €1,934.8 million, from €1,811,3 million in May 2023, while travel payments also increased by 38.5% (May 2024: €285.8 million, May 2023: €206.3​million). The rise in travel receipts is due to a 21.3% increase in inbound traveller flows, as average expenditure per trip declined by 12.2%. Net travel receipts offset 47.8% of the goods deficit and contributed 87.3% to total net receipts from services.

In January-May 2024, the balance of travel services showed a surplus of €2,691.4 million, up from a surplus of €2.372,9 million in the same period of 2023. Travel receipts rose by €531.2​million, or 16.2%, to €3,806.3 million, while travel payments increased by €212.6​million, or 23.6%, to €1,114.9 million. The rise in travel receipts stemmed from a 20.6% increase in inbound traveller flows, as average expenditure per trip fell by 3.6%. Net travel receipts offset 18.0% of the goods deficit and contributed 66.6% to total net receipts from services.

Travel receipts

In May 2024, as mentioned previously, travel receipts grew by 6.8% year-on-year. In more detail, receipts from residents of EU27 countries increased by 10.5% to €1,112.2 million, from €1,006.2 million in May 2023, as did receipts from other countries, which grew by 0.8% (May 2024: €730.2 million, May 2023: €724.8 million). The rise in receipts from within the EU27 is attributed to increases in receipts from euro-area residents by 8.4% to €957.3 million (May 2023: €883.2 million) and in receipts from residents of non-euro area EU27 countries by 26.0% to €154.9 million. More specifically, among major euro area countries of origin, receipts from Germany declined by 0.9% to €425.1 million, whereas receipts from France increased by 1.6% to €155.4 million. Receipts from Italy also increased by 68.6% to €63.0 million. Turning to other countries, receipts from the United Kingdom rose by 1.6% to €284.0 million whereas receipts from the United States fell by 9.0% to €155.7 million, as did receipts from Russia by 82.1% to €1.1 million.

In January-May 2024, travel receipts totalled €3,806.3 million, up by 16.2% relative to the same period of 2023. This development is due to increases in receipts from residents of the EU27 by 24.7% to €2,102.8 million and in receipts from residents of other countries by 6.4% to €1,543.2 million. In greater detail, receipts from euro-area residents rose by 24.8% to €1,819.0​million and receipts from residents of non-euro area EU27 countries increased by 24.0% to €283.8 million. Specifically, receipts from Germany rose by 15.1% to €700.4 million, as did receipts from France, by 3.4% to €281.8 million. Receipts from Italy increased by 98.4% to €184.1 million. Turning to other countries, receipts from the United Kingdom decreased by 3.4% to €399.7 million, whereas receipts from the United States increased by 23.4% to €397.0​million. Finally, receipts from Russia decreased by 75.7% to €2.7 million.

Inbound traveller flows

The number of inbound travellers in May 2024 rose by 21.3% year-on-year to 3,047.8​thousand. Specifically, traveller flows through airports increased by 19.6% relative to May 2023 and traveller flows through road border-crossing points grew by 34.7%. This overall increase is due to higher traveller flows from both the EU27 (up by 23.8%) and other countries (up by 17.5%). In greater detail, the number of travellers from within the euro area rose by 25.8% to 1,472.3 thousand. Τravellers from non-euro area EU27 countries also increased, by 16.8% to 389.3 thousand. Specifically, the number of travellers from Germany rose by 18.0% to 605.4​thousand and travellers from France increased by 25.6% to 256.7​thousand. Traveller flows from Italy also increased, by 85.5% to 130.5 thousand. Turning to other countries, the number of travellers from the United Kingdom increased by 24.1% to 457.6 thousand, whereas travellers from the United States decreased by 18.8% to 125.0​thousand. Finally, the number of travellers from Russia fell by 52.3% to 1.4 thousand.

In January-May 2024, the number of inbound travellers rose by 20.6% to 6,943.9 thousand (January-May 2023: 5,759.5 thousand). Specifically, traveller flows through airports grew by 21.5%, while traveller flows through road border-crossing points increased by 19.9%. In the period under review, the number of travellers from within the EU27 rose by 25.6% year‑on‑year to 4,018.3 thousand, while travellers from other countries increased by 14.3% to 2,925.6​thousand. Travellers from within the euro area increased by 30.2% and travellers from non-euro area EU27 countries increased by 13.2%. Specifically, the number of travellers from Germany rose by 22.2% to 1,064.4 thousand, as did the number of travellers from France, by 17.0% to 469.4 thousand. Traveller flows from Italy also grew, by 68.3% to 353.2 thousand. Turning to other countries, the number of travellers from the United Kingdom increased by 4.1% to 665.8 thousand, while travellers from the United States increased by 23.0% to 392.5​thousand. Finally, the number of travellers from Russia fell by 65.9% to 2.6 thousand.

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