The balance of travel services in November 2022 showed a surplus of 180.0 million euros, up from a surplus of 154.8 million in November 2021, the Bank of Greece in a report on Monday.
More specifically, in November 2022 travel receipts rose by 15.9% to 314.0 million, up from 271.0 million in November 2021, while travel payments also increased by 15.4% (November 2022: 134.0 million, November 2021: 116.2 million). The rise in travel receipts was due to a 44.7% increase in inbound traveller flows, as average expenditure per trip declined by 21.8%. Net travel receipts offset 4.7% of the goods deficit and contributed 55.4% in total net services receipts.
In the January-November 2022 period, the balance of travel services showed a surplus of 15,624.7 million, up from a surplus of 9,316.7 million in the corresponding period of 2021. Travel receipts rose by 7,067.6 million, or 68.5%, to 17,384.2 million, while travel payments also increased by 759.6 million, or 76.0%, to 1,759.5 million.
The rise in travel receipts stemmed from a 90.3% increase in inbound traveller flows, as average expenditure per trip declined by 12.0%. Net travel receipts offset 43.4% of the goods deficit and contributed 82.0% in total net services receipts.
In November, travel receipts rose by 15.9% year-on-year. In more detail, receipts from residents of EU27 countries increased by 13.3% to 127.4 million, while receipts from outside the EU27 rose by 13.0%.
In the January-November period, travel receipts totalled 17,384.2 million, up by 68.5% relative to the same period of 2021. This development was due to increases in receipts from residents of the EU27 by 47.4% to 9,889.6 million and in receipts from residents outside the EU27 by 106.5% to 7,093.1 million. In greater detail, receipts from euro area residents rose by 45.4% to 7,945.9 million, while receipts from residents of non-euro area EU27 countries increased by 56.0% to 1,943.6 million.
Specifically, receipts from Germany rose by 41.2% to 3,233.3 million, as did receipts from France, by 28.5% to 1,261.1 million. Turning to non-EU27 countries, receipts from the United Kingdom increased by 115.9% to 3,101.4 million. Receipts from the United States also increased by 96.6% to 1,155.0 million, while receipts from Russia declined by 62.7% to 40.5 million.
Compared with November 2019, travel receipts fell by 0.4%, average expenditure per trip increased by 15.6%, while inbound traveller flows dropped by 12.6% in November 2022.
Compared with January-November 2019, travel receipts fell by 2.8%, as did inbound traveller flows by 11.1%, in January-November 2022, although average expenditure per trip increased by 9.8%.