Travel and tourism revenue in Greece significant increased over the Jan-May 2018 period, compared to the same period in 2017, the country's central bank (BoG) announced on Tuesday, citing higher tourism arrivals and an increase in average daily spending per trip.
Specifically, the BoG statement reads:
"Balance of travel services
Based on provisional data, the balance of travel services in May 2018 showed a surplus of €1,273 million, compared with a surplus of €921 million in May 2017. More specifically, travel receipts in May 2018 rose by 34.7% to €1,475 million from €1,095 million in May 2017, but this increase was partly offset by a 16.0% rise in travel payments (May 2018: €202 million, May 2017: €174 million). The increase in travel receipts is attributed to a 23.6% increase in inbound traveller flows, as well as to a rise of 10.7% or €56 in average expenditure per trip. Net receipts from travel services offset 91.4% of the goods deficit and accounted for 76.8% of total net receipts from services.
In January-May 2018, the balance of travel services showed a surplus of €1,590 million, up from a surplus of €1,275 million in the same period of 2017. This development was due to an increase in travel receipts (by €449 million or 21.7%), which was partly offset by a rise in travel payments (by €134 million or 16.8%). The rise in travel receipts was driven by a 16.8% increase in inbound traveller flows and by a rise of 5.4% or €24 in average expenditure per trip. Net receipts from travel services offset 20.0% of the goods deficit and accounted for 52.2% of total net receipts from services.
Travel receipts
In May 2018, as mentioned previously, travel receipts rose by 34.7% year-on-year. In more detail, receipts from residents of the EU28 increased by 53.8% to €1,116 million, whereas receipts from outside the EU28 declined by 2.0% (May 2018: €312 million, May 2017: €318 million). The higher receipts from within the EU28 were due to increases in receipts from euro area residents by 66.0% to €769 million and in receipts from residents of non-euro area EU28 countries by 32.4% to €347 million (May 2017: €262 million). Among major countries of origin, receipts from Germany rose by 87.6% to €411 million, as did receipts from France, by 27.0% to €95 million. Receipts from the United Kingdom also increased, by 8.2% to €205 million. Turning to non-EU28 countries, receipts from Russia fell by 43.1% to €19 million, whereas receipts from the United States rose by 8.8% to €83 million.
In January-May 2018, travel receipts increased by 21.7%, relative to the same period of 2017, to €2,518 million. This development is attributed to increases in receipts from within the EU28 by 35.0% to €1,734 million and in receipts from outside the EU28 by 1.2% to €704 million. In particular, receipts from euro area residents rose by 38.8% to €1,185 million, while receipts from residents of non-euro area EU28 countries also increased, by 27.5% to €549 million. Specifically, receipts from France increased by 6.3% to €155 million, and receipts from Germany increased by 65.2% to €565 million. Receipts from the United Kingdom also increased, by 7.6% to €293 million. Turning to non-EU28 countries, receipts from Russia fell by 35.0% to €36 million, whereas receipts from the United States rose by 1.3% to €157 million.
Inbound traveller flows
The number of inbound visitors in May 2018 rose by 23.6% year-on-year to 2,450 thousand. Specifically, visitor flows through airports increased by 26.6%, as did visitor flows through road border-crossing points, by 12.4%. This increase in flows is attributed to higher visitor flows from within the EU28 (up 33.5%), as visitor flows from outside the EU28 declined by 2.4%. In greater detail, the number of visitors from within the euro area increased by 39.6% to 1,171 thousand, as did visitors from the non-euro area EU28 countries, by 24.9% (May 2018: 746 thousand, May 2017: 598 thousand). Specifically, the number of visitors from France rose by 20.4% to 173 thousand, and the number of visitors from Germany rose by 59.9% to 551 thousand. Visitors from the United Kingdom also increased, by 4.7% to 297 thousand. Turning to non-EU28 countries, visitors from Russia fell by 40.8% to 24 thousand, whereas visitors from the United States rose by 32.3% to 76 thousand.
In January-May 2018, the number of inbound visitors increased by 16.8% to 5,352 thousand (January-May 2017: 4,584 thousand). Specifically, visitor flows through airports increased by 18.6%, as did visitor flows through road border-crossing points, by 14.2%. In the period under review, the number of visitors from within the EU28 rose by 23.5% year-on-year to 3,716 thousand, while the number of visitors from outside the EU28 also increased, by 3.9% to 1,636 thousand. Visitors from within the euro area rose by 26.8%, as did visitors from the non-euro area EU28 countries, by 19.5%. Specifically, the number of visitors from France increased by 3.8% to 273 thousand, and the number of visitors from Germany increased by 50.2% to 888 thousand. Visitors from the United Kingdom also increased, by 5.3% to 480 thousand. Finally, turning to non-EU28 countries, the number of visitors from Russia decreased by 31.9% to 53 thousand, whereas the number of visitors from the United States rose by 13.0% to 197 thousand."
