BoG: More tourists, less revenue in January – November 2016

Based on provisional data of the Bank of Greece, the balance of travel services showed a surplus of €52 million in November 2016, down 48.6% from a surplus of €101 million in November 2015. More specifically, travel receipts in November 2016 fell to €219 million (down 13.8% from €255 million in November 2015), whereas travel payments increased by 9.0% (November 2016: €168 million, November 2015: €154 million).

The fall in travel receipts resulted from a 24.0% decline in average expenditure per trip, as inbound traveller flows rose by 11.7%. Net receipts from travel services offset 3.2% of the goods deficit and accounted for 11.2% of total net receipts from services.

In January-November 2016, the balance of travel services showed a surplus of €11,156 million, down 7.7% from a surplus of €12,084 million in the same period of 2015. This development was driven by both a decrease in travel receipts (down €914 million or 6.6%) and an increase in travel payments (up €14 million or 0.7%). The fall in travel receipts resulted from an 11.2% decline in average expenditure per trip, as inbound traveller flows rose by 4.9%. Net receipts from travel services offset 74.0% of the goods deficit and accounted for 75.5% of total net receipts from services.

In November 2016, travel receipts declined by 13.8% year-on-year. Looking at the breakdown by visitor’s country of origin, receipts from residents of the EU28 increased by 3.9% (November 2016: €127 million, November 2015: €122 million), while receipts from outside the EU28 dropped by 34.6% (November 2016: €78 million, November 2015: €119 million). The rise in receipts from within the EU28 was due to a 5.1% increase in receipts from euro area residents to €74 million in November 2016, from €70 million in November 2015, as well as to a 2.3% rise in receipts from residents of non-euro area EU28 countries. Among major countries of origin, receipts from Germany rose by 22.8% to €25 million, while those from France fell by 30.4% to €7 million. Receipts from the United Kingdom also decreased, by 19.5% to €23 million. Turning to non-EU28 countries, receipts from Russia rose by 113.3% to €8 million, while those from the United States fell by 47.5% to €11 million.

In January-November 2016, travel receipts decreased by 6.6%, relative to the same period of 2015, to €13,027 million. This development is attributed to lower receipts from both within the EU28 (down 3.3% to €9,016 million) and outside the EU28 (down 15.0% to €3,549 million). In particular, receipts from euro area residents fell by 7.1% to €5,529 million, while those from residents of non-euro area EU28 countries rose by 3.5% to €3,487 million.

Specifically, receipts from Germany dropped by 4.2% to €2,135 million and those from France by 25.2% to €890 million. Receipts from the United Kingdom also decreased, by 3.1% to €1,943 million. Turning to non-EU28 countries, receipts from Russia rose by 3.6% to €431 million, while those from the United States fell by 23.7% to €713 million.