The balance of travel services posted a surplus of EUR117.3 million in February 2024 and a surplus of EUR229.9 million in January-February 2024.
Travel receipts rose by 22.2% in February 2024 and by 24.5% in January-February 2024.
Inbound traveller flows increased by 26.0% in February 2024 and by 20.7% in January-February 2024.
Balance of travel services
Based on provisional data, the balance of travel services in February 2024 showed a surplus of EUR117.3 million, up from a surplus of EUR116.2 million in February 2023. More specifically, travel receipts in February 2024 rose by 22.2% to EUR291.4 million, from EUR238.5 million in February 2023, while travel payments also increased by 42.3% (February 2024: EUR174.1 million, February 2023: EUR122.4 million). The rise in travel receipts was due to a 26.0% increase in inbound traveller flows, as average expenditure per trip declined by 2.9%. Net travel receipts offset 3.8% of the goods deficit and contributed 31.2% to total net receipts from services.
In January-February 2024, the balance of travel services showed a surplus of EUR229.9 million, up from a surplus of EUR170.7 million in the same period of 2023. Travel receipts rose by EUR112.2 million, or 24.5%, to EUR569.7 million, while travel payments increased by EUR53.0 million, or 18.5%, to EUR339.8 million. The rise in travel receipts stemmed from a 20.7% increase in inbound traveller flows and a 3.3% increase in average expenditure per trip. Net travel receipts offset 4.0% of the goods deficit and contributed 28.3% to total net receipts from services.
Travel receipts
In February 2024, as mentioned previously, travel receipts grew by 22.2% year-on-year. In more detail, receipts from residents of EU27 countries increased by 57.3% to EUR154.8 million, whereas receipts from outside the EU27 decreased by 2.7% (February 2024: EUR134.3 million, February 2023: EUR138.0 million). The rise in receipts from within the EU27 was driven by increases in receipts from euro area residents by 48.2% (February 2024: EUR125.1 million, February 2023: EUR84.4 million) as well as in receipts from residents of non-euro area EU27 countries by 111.5% to EUR29.8 million. More specifically, among major euro area countries of origin, receipts from Germany rose by 65.5% to EUR29.7 million, whereas receipts from France dropped by 50.1% to EUR14.1 million. Turning to non-EU27 countries, receipts from the United Kingdom decreased by 30.8% to EUR13.2 million, as did receipts from the United States, by 4.3% to EUR23.0 million. No receipts were recorded from Russia.
In January-February 2024, travel receipts totalled EUR569.7 million, up by 24.5% relative to the same period of 2023. This development was due to an increase in receipts from residents of the EU27 by 60.2% to EUR303.9 million, as receipts from residents outside the EU27 decreased by 0.9% to EUR260.8 million. In greater detail, receipts from euro area residents rose by 48.9% to EUR240.6 million and receipts from residents of non-euro area EU27 countries increased by 125.1% to EUR63.3 million. Specifically, receipts from Germany rose by 48.7% to EUR58.7 million, whereas receipts from France dropped by 12.9% to EUR34.1 million. Turning to non-EU27 countries, receipts from the United Kingdom decreased by 11.7% to EUR33.2 million, while receipts from the United States increased by 20.9% to EUR46.0 million. No receipts were recorded from Russia.
Inbound traveller flows
The number of inbound travellers in February 2024 rose by 26.0% year-on-year to 721.3 thousand. Specifically, traveller flows through airports increased by 27.2% year-on-year, while traveller flows through road border-crossing points rose by 25.6%. This overall increase was due to higher traveller flows from both within the EU27 (up by 51.5%) and outside the EU27 (up by 5.3%). In greater detail, travellers from within the euro area increased by 48.2% to 257.9 thousand. ?ravellers from non-euro area EU27 countries also increased by 58.6% to 130.4 thousand. Specifically, the number of travellers from Germany rose by 51.6% to 62.5 thousand and the number of travellers from France decreased by 39.8% to 27.3 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom fell by 28.1% to 28.4 thousand, whereas travellers from the United States increased by 87.8% to 41.1 thousand. No travellers were recorded from Russia.
In January-February 2024, the number of inbound travellers rose by 20.7% to 1,458.6 thousand (January-February 2023: 1,208.1 thousand). Specifically, traveller flows through airports increased by 19.0%, while traveller flows through road border-crossing points rose by 25.2%. In the period under review, the number of travellers from within the EU27 rose by 37.3% year-on-year to 755.8 thousand, while travellers from outside the EU27 increased by 6.9% to 702.8 thousand. The number of travellers from within the euro area rose by 33.4% and travellers from non-euro area EU27 countries increased by 46.4%. Specifically, the number of travellers from Germany rose by 25.4% to 132.7 thousand, while the number of travellers from France fell by 9.1% to 69.9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom declined by 34.7% to 64.6 thousand and the number of travellers from the United States grew by 158.4% to 95.7 thousand. No travellers were recorded from Russia.
Note:
Inbound traveller flows exclude cruise passengers other than those recorded in the Border Survey.
Related information:
The next Press Release on 'Developments in the balance of travel services' for March 2024 will be published on 22 May 2024, in accordance with the 2024 Advance Release Calendar posted on the Bank of Greece website.
BANK OF GREECE 
