Greek Travel & Tourism industry results: Decrease, decline except from Russia

The Bank of Greece released a report on the state of the Greek Tourism industry. The report was published by the bank on August 22 and covers data from the month of June 2016. The report states as follows:

Based on provisional data, the balance of travel services showed a surplus of €1,719 million in June 2016, down 3.6% from a surplus of €1,783 million in June 2015. More specifically, travel receipts decreased by 5.4% to €1,851 million in June 2016, from €1,957 million in the same month of 2015. Travel payments fell more sharply, by 23.9% (June 2016: €132 million, June 2015: €174 million). The drop in travel receipts resulted from a 4.0% decline in average expenditure per trip and a 2.0% fall in arrivals. Net receipts from travel services accounted for 79.8% of total net receipts from services and more than offset (122.3%) the goods deficit.

In January-June 2016, the balance of travel services showed a surplus of €2,991 million, down 6.7% from a surplus of €3,205 million in the same period of 2015. This development was due to a decrease of €242 million or 5.8% in travel receipts, as travel payments dropped by €28 million or 2.9%. The decrease in travel receipts resulted from a 1.6% decline in arrivals and a 4.9% fall in average expenditure per trip. Net receipts from travel services offset 36.1% of the goods deficit and accounted for 65.3% of total net receipts from services.

Travel receipts

In June 2016, as mentioned previously, travel receipts declined by 5.4% year-on-year. Looking at the breakdown by visitor’s country of origin, receipts from residents of the EU28 increased by 1.5% (June 2016: €1,316 million, June 2015: €1,297 million), while receipts from outside the EU28 dropped by 21.9% (June 2016: €469 million, June 2015: €601 million). The increase in receipts from within the EU28 resulted from a rise of €97 million or 18.9% in receipts from residents of non-euro area EU28 countries, whereas receipts from euro area residents fell by 10.0% (June 2016: €704 million, June 2015: 782 million). Among major countries of origin, receipts from Germany fell by 13.4% to €295 million and those from France dropped by 28.0% to €103 million. Receipts from the United Kingdom increased by 24.8% to €388 million. Turning to non-EU28 countries, receipts from Russia dropped by 19.4% to €61 million and those from the United States fell by 24.4% to €122 million.

In January-June 2016, travel receipts decreased by 5.8% to €3,929 million, relative to the same period of 2015. This development is attributed to lower receipts from within the EU28 (down 4.1% to €2,547 million) and from outside the EU28 (down 11.0% to €1,230 million). In particular, receipts from euro area residents decreased by 9.8% to €1,477 million and those from residents of non-euro area EU28 countries increased by 5.3% to €1,071 million. Specifically, receipts from Germany dropped by 13.4% to €585 million and those from France by 19.8% to €256 million. Receipts from the United Kingdom increased by 2.2% to €648 million. Turning to non-EU28 countries, receipts from Russia fell by 8.3% to €115 million and receipts from the United States by 7.4% to €313 million.

Inbound traveller flows

The number of inbound visitors in June 2016 declined by 2.0% year-on-year to 2,971 thousand. Specifically, arrivals by air rose by 2.7%, while those by road fell by 15.7%. This development reflected an 18.1% decrease in arrivals from outside the EU28, whereas arrivals from within the EU28 increased by 6.5%. In greater detail, arrivals from the euro area fell by 2.7% to 1,036 thousand, while those from the non-euro area EU28 countries increased by 17.4% (June 2016: 1,071 thousand, June 2015: 912 thousand). Specifically, arrivals from Germany decreased by 3.3% to 399 thousand, while those from France fell by 32.7% to 137 thousand. Arrivals from the United Kingdom increased by 26.6% to 473 thousand. Turning to non-EU28 countries, arrivals from Russia fell by 16.0% to 80 thousand and those from the United States by 21.6% to 92 thousand.

In January-June 2016, the number of inbound visitors decreased by 1.6% to 7,446 thousand, from 7,566 thousand in the same period of 2015. Specifically, arrivals by air rose by 6.1%, while those by road fell by 14.4%. In the period under review, arrivals from within the EU28 increased by 0.9% year-on-year to 4,942 thousand, whereas those from outside the EU28 fell by 6.1% to 2,504 thousand. Arrivals from the euro area declined by 1.8%, while those from the non-euro area EU28 countries increased by 3.5%. Specifically, arrivals from Germany rose by 0.8% to 888 thousand, while those from France fell by 20.6% to 368 thousand. Arrivals from the United Kingdom increased by 13.1% to 928 thousand. Finally, turning to non-EU28 countries, arrivals from Russia rose by 7.7% to 162 thousand and those from the United States by 6.4% to 305 thousand.