Greece: Incoming travel traffic takes a dive in April

Greece: Incoming travel traffic takes a dive in April

The big drop in the incoming travel traffic in April, a month during which a universal lockdown was implemented in Greece, is evident, the Bank of Greece (BoG) records. According to BoG data, only 37,600 travelers entered the country in April compared to 982,000 during the corresponding period last year, recording a drop of 96.2%.

Respectively, travel revenue amounted to 7 million euro, down 98.7% from 544 million euro in the same period last year.

More specifically, according to the BoG’s provisional data, it is estimated that the travel balance in April 2020 showed a surplus of 5 million euro, compared to a surplus of 211 million euros in the corresponding month of 2019, as a result of large restrictions on travel caused by the pandemic.

In particular, the travel revenue, which amounted to 7 million euro, decreased by 98.7% in April 2020, compared to 544 million euro in the corresponding month of 2019, while a decrease of 99.2% was also observed in travel payments (April 2020: 3 million euro, April 2019: 332 million euro).

In the period January-April 2020, the travel balance showed a surplus of 190 million euro, compared to a surplus of 376 million euro in the corresponding period of 2019. The travel revenue, decreased by 664 million euro (-51.4%), amounting to 626 million euro, while a decrease of 478 million euro (-52.3%) was also observed in travel payments, which amounted to 436 million euro. The decrease in travel revenue is due to the decrease in average expenditure per trip by 21.5%, as well as the decrease in incoming travel traffic by 36.1%. Net revenue from travel services accounted for 2.8% of the goods deficit and contributed 12.5% ​​to the total net revenue from services.

“Dive”

In April 2020, as mentioned above, travel revenue decreased by 98.7% compared to the corresponding month of 2019. More specifically, revenue decreased by 98.7% from residents of EU-27 countries, which amounted to 3 million euros, while revenue from residents of non-EU countries decreased by 98.4% (April 2020: 4 million euro, April 2019: 245 million euro). The drop in revenue from residents of EU-27 countries was the result of a 99.5% decrease in revenue from residents of eurozone countries (April 2020: 1 million euro, April 2019: ​​228 million euro), as well as revenue from residents of EU-27 countries outside the eurozone by 93.0%, which amounted to 2 million euro. In particular, with regard to the most important countries of origin of travelers, there were some minimal revenue from Germany, reduced by 99.4%./ibna