Bank of Greece: Travel receipts down 7.8 pct in March

Travel receipts fell 7.8 pct in March to 203 million euros, from 221 million in the same month in 2016, for a decline of 4.8 pct in the first quarter to 513 million euros, the Bank of Greece said on Tuesday.

In a monthly report, the central bank said that this development was mostly due to an 8.1 pct decline in average expenditure per trip, as inbound traveler flows fell only slightly (0.2 pct in March). Net receipts from travel services offset 3.9 pct of the goods deficit and accounted for 18.9 pct of total net receipts from services.

In January-March 2017, the balance of travel services showed a surplus of 140 million euros, up 83.5 pct from a surplus of 76 million in the same period of 2016. This development was driven by a fall of 90 million euros or 19.4 pct in travel payments, as travel receipts dropped by 26 million or 4.8 pct.

The decline in travel receipts is attributed to decreases of 1.8 pct in inbound traveller flows and of 3.2 pct in average expenditure per trip. Net receipts from travel services offset 2.8 pct of the goods deficit and accounted for 13.2 pct of total net receipts from services.

In January-March 2017, the number of inbound visitors decreased by 1.8 pct to 1,592 thousand, from 1,621 thousand in the same period of 2016. In the period under review, visitors from within the EU28 increased by 3.3 pct year-on-year to 956 thousand, whereas those from outside the EU28 fell by 8.4 pct to 637 thousand. Visitors from the euro area rose by 23.2 pct and those from the non-euro area EU28 countries dropped by 9.9 pct.