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October 20, 2019
ECONOMY

Balance of travel services showed surplus of 1.361 billion euros in May

The balance of travel services in May 2019 showed a surplus of 1,361 million euros, compared with a surplus of 1,262 million in May 2018, the Bank of Greece said in a report on Monday.

More specifically, based on provisional data, travel receipts in Μay 2019 rose by 9.3% to 1,605 million eirps, from 1,468 million in May 2018, while travel payments also increased by 18.4% (May 2019: 244 million, May 2018: 206 million). The rise in travel receipts reflected a 12.2% increase in average expenditure per trip, as inbound traveller flows decreased by 2.6%. Net receipts from travel services offset 59.1% of the goods deficit and accounted for 74.9% of total net receipts from services.

In January-May 2019, the balance of travel services showed a surplus of 1,726 million euros, up from a surplus of 1,598 million in the same period of 2018. This development is attributed to an increase, of 14.4% or 364 million, in travel receipts, which were only partly offset by travel payments, up by 25.5% or 236 million. The rise in travel receipts is attributed to a 15.4% increase in average expenditure per trip, as inbound traveller flows fell slightly, by 0.9%. Net receipts from travel services offset 17.2% of the goods deficit and accounted for 43.6% of total net receipts from services.

In May 2019, as mentioned previously, travel receipts rose by 9.3% year-on-year. In January-May 2019, travel receipts increased by 14.4%, relative to the same period of 2018, to 2,889 million euros.

The number of inbound visitors in May 2019 fell by 2.6% year-on-year to 2,387 thousand. In January-May 2019, the number of inbound visitors declined by 0.9% to 5,305 thousand (January-May 2018: 5,352 thousand).

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