Greece’s First Travel Receipts of the Year Up by 309.8%

Travel receipts in Greece increased by 309.8 percent in the first month of 2022 compared to the same month last year, generated by a 256.7 percent rise in inbound traveler flows, said the Bank of Greece releasing provisional data for January 2022.

In the same month, the balance of travel services recorded a surplus of 60.8 million euros up from a surplus of 1.7 million euros in January 2021. 

Travel receipts came to 140.1 million euros in January 2022 compared to 34.2 million euros in the same month a year ago. Receipts generated by travelers from EU countries rose by 270.6 percent to 80.1 million euros and by 373.5 percent from non-EU tourists to 59.4 million euros.

Looking at key markets, receipts from Germany rose by 227.7 percent to 21.4 million euros, from France by 486.9 percent to 5.4 million euros, for the UK by 524.8 percent to 16.4 million euros, and from the US by 3,768.9 percent to 7.0 million euros. Receipts from Russia also grew in January 2022 by 1,085.7 percent.

Central bank analysts attribute the stronger travel receipts to a 256.7 percent increase in inbound traveler flows to a total of 341.4 thousand: up by 352.3 percent through airports and by 182.9 percent through road border-crossing points, as well as to a 14.5 percent increase in average expenditure per trip. 

Photo source: European Commission

The number of inbound travelers from the EU grew by 219.6 percent and by 324.4 percent from outside the EU. The number of visiting Germans increased by 183.5 percent to 54.2 thousand in January, tourists from France increased by 424.8 percent to 15.8 thousand, the number of UK travelers rose by 483.9 percent to 33.4 thousand, and number of travelers from the US increased by 1,379.6 percent to 10.8 thousand. Incoming arrivals from Russia also rose in January by 579.3 percent to 2.2 thousand.

At the same time, net receipts from travel services offset 2.0 percent of the goods deficit and contributed 15.8 percent to total net receipts from services. Travel payments also increased by 143.8 percent to 79.3 million euros in January 2022 against 32.5 million euros a last year.

For the time being, despite the positive feedback and booking figures, Greek tourism stakeholders are reserved waiting to see the developments in the Russia-Ukraine war and on the energy and fuel market.