According to the bank’s data, this development was due to a decrease of 906 million euros or 6.4 percent in travel receipts, as travel payments dropped by 28 million euros or 1.4 percent.
The fall in travel receipts resulted from an 11.3 percent decline in average expenditure per trip, as inbound traveller flows rose by 5.1 percent. Net receipts from travel services offset 67.6 percent of the goods deficit and accounted for 73.2% of total net receipts from services.
Fall of travel receipts
According to the Bank of Greece, this development is attributed to lower receipts from both within the EU28 (down 3 percent to 9,123 million euros) and outside the EU28 (down 15 percent to 3,633 million euros).
In particular, receipts from euro area residents fell by 6.9 percent to 5,596 million euros, while those from residents of non-euro area EU28 countries rose by 3.9 percent to 3,527 million euros.
Specifically, receipts from Germany dropped by 4.1 percent to 2,152 million euros and those from France by 25.1 percent to 894 million euros. Receipts from the United Kingdom also decreased, by 2.9 percent to 1,961 million euros. Regarding non-EU28 countries, receipts from Russia rose by 3.4 percent to 436 million euros, while those from the United States fell by 22.8 percent to 728 million euros.
Increase in inbound traveller flows
The number of inbound visitors in 2016 increased by 5.1 percent to 24,799 thousand (2015: 23,600 thousand). Specifically, visitor flows through airports increased by 9 percent, while those through road border-crossing points fell by 4.7 percent.
In 2016, visitors from within the EU28 increased by 15 percent, compared with the previous year, to 17,217 thousand, whereas those from outside the EU28 fell by 12.1 percent to 7,583 thousand. Visitors from the euro area rose by 9.1 percent and those from the non-euro area EU28 countries by 22.1 percent.
Specifically, visitors from Germany rose by 11.7 percent to 3,139 thousand, while those from France fell by 13.7 percent to 1,314 thousand. Visitors from the United Kingdom rose by 20.8 percent to 2,895 thousand. Regarding non-EU28 countries, visitors from Russia increased by 16.1 percent to 596 thousand and those from the United States increased by 3.8 percent to 779 thousand.