The balance of travel services posted a surplus of €1,193.5 million in May 2022 and a surplus of €1,775.8 million in January-May 2022, according to a new report from the Bank of Greece.
In 2019, the last year before the pandemic, the balance of travel services had posted a surplus of €1,338.5 million in May and a surplus of €1,714.2 million in January‑May 2019.
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Travel receipts were 536.4% higher in May 2022 and 547.9% higher in January‑May 2022 than in the corresponding periods of 2021.
Compared with the respective periods of 2019, travel receipts were 9.7% lower in May 2022 and 12.2% lower in January‑May 2022.
Inbound traveler flows rose by 672.5% in May 2022 and by 552.9% in January‑May 2022, compared with the same periods of 2021.
Compared with the respective periods of 2019, inbound traveler flows decreased by 7.6% in May 2022 and by 18.3% in January-May 2022.
Balance of travel services
Based on provisional data, the balance of travel services in May 2022 showed a surplus of €1,193.5 million, compared with a surplus of €144.7 million in May 2021. More specifically, travel receipts in May 2022 rose by 536.4% to €1,414.2 million, from €222.2 million in May 2021, while travel payments also increased by 184.7% (May 2022: €220.7 million, May 2021: €77.6 million). The rise in travel receipts was due to a 672.5% increase in inbound traveler flows, as average expenditure per trip declined by 18.2%. Net receipts from travel services offset 36.8% of the goods deficit and contributed 74.4% to total net receipts from services.
In January-May 2022, the balance of travel services showed a surplus of €1,775.8 million, up from a surplus of €163.1 million in the same period of 2021. Travel receipts rose by €2,121.4 million or 547.9% to €2,508.7 million, while travel payments increased by €508.7 million or 227.0% to €732.9 million. The rise in travel receipts stemmed from a 552.9% increase in inbound traveler flows, as average expenditure per trip fell by 2.2%. Net receipts from travel services offset 11.9% of the goods deficit and contributed 51.4% to total net receipts from services.