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Travel receipts up 13.6 pct in January-July according to Bank of Greece

Travel receipts grew 13.6 pct or by 1.097 billion euros in the January-July period this year, reflecting a 13.1 pct increase in average expenditure per trip.

Travel receipts grew 13.6 pct or by 1.097 billion euros in the January-July period this year, reflecting a 13.1 pct increase in average expenditure per trip and despite a small 0.6 pct increase in inbound traveller numbers in the seven-month period, the Bank of Greece said on Monday.

The central bank, in a monthly report, said that based on provisional data, the balance of travel services in July 2019 showed a surplus of 3,398 million euros, compared with a surplus of 3,099 million in July 2018. More specifically, travel receipts in July 2019 rose by 11.1 pct to 3,645 million euros, from 3,280 million in July 2018, while travel payments also increased by 37.0 pct. The rise in travel receipts is attributed to an 8.9 pct year-on-year increase in average expenditure per trip, as well as to a rise of 2.4 pct in inbound traveller flows. Net receipts from travel services accounted for 85.6 pct of total net receipts from services and more than offset (169.1 pct) the goods deficit.

In January-July 2019, the balance of travel services showed a surplus of 7,547 million euros, up from a surplus of 6,793 million in the same period of 2018. This development was due to an increase, by 13.6 pct or 1,097 million, in travel receipts, which were only partly offset by travel payments, up by 27.1 pct or 343 million. The rise in travel receipts is attributed mainly to a 13.1 pct increase in average expenditure per trip, as inbound traveller flows increased only slightly, by 0.6 pct. Net receipts from travel services offset 55.4 pct of the goods deficit and accounted for 69.9 pct of total net receipts from services.

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