BoG: Balance of travel services down year-on-year for Jan-Feb

The balance of travel services showed a lower surplus the first two months of the year compared to the same period in 2017, according to Bank of Greece (BoG) data released on Monday.

In January-February 2018, the balance of travel services showed a surplus of 7 million euros, down from a surplus of 33 mln euros in the same period of 2017. This development is attributed to the fact that the increase in travel receipts (by 12 mln euros or 4.2%) was outweighed by a rise in travel payments (by 38 mln euros or 14.7%). The rise in travel receipts reflected a 12.7% increase in inbound traveller flows, as average expenditure per trip fell by 7.6% to 279 euros. Net receipts from travel services offset 0.2% of the goods deficit and accounted for 1.2% of total net receipts from services.

In January-February 2018, the number of inbound visitors rose by 12.7% year-on-year to 1,088 thousand, compared to 965,000 in Jan.-Feb. 2017. Specifically, visitor flows through airports increased by 1.5%, while visitor flows through road border-crossing points also increased, by 30.2%.