The increasing number of international travelers to Greece stimulated travel receipts in May by 536.4 percent and by 547.9 percent in the first five months of the year exceeding respective 2021 levels for the same periods, the Bank of Greece (BoG) said recently.
More specifically, according to the latest data released by Greece’s central bank, inbound traveler flows increased by 672.5 percent in May 2022 and by 552.9 percent in January‑May (compared with the same periods of 2021) driving tourism-related revenues to new highs: 1.41 billion euros in May 2022 against 222 million euros in the same month last year and 2.5 billion euros in the January-May period.
However, when compared to the respective periods in pre-Covid 2019, travel receipts were down by 9.7 percent in May and by 12.2 percent in the first five months of the year. Average spending per trip was also down by 2.2 percent, the BoG said.
In the month of May, the 536.4 percent year-on-year increase in travel receipts was generated by receipts from EU residents up by 426.4 percent to 827.9 million euros and by non-EU travelers up by 807.6 percent to 546.4 million euros over 60.2 million euros in May 2021.
Key source markets stimulating revenues in May were Germany, with receipts up by 501.7 percent to 331.0 million euros, France up by 335.6 percent to 121.5 million euros, the UK up by 1.707.5 percent to 243.9 million euros, and the US up by 1.162.4 percent to 113.0 million euros.
In the five-month period to May, the 547.9 percent increase in travel receipts to 2.508.7 million euros over 2021 was generated by German travelers whose spending was up by 511.9 percent to 508.3 million euros, the French up by 513.9 percent to 221.4 million euros, the Brits up by 1.479.7 percent to 365.3 million euros, the Americans by 1.395.3 percent to 179.7 million euros and the Russians by 275.8 percent to 7.9 million euros.