Greece: Travel revenue increase by 34.8% in the first quarter

Greece: Travel revenue increase by 34.8% in the first quarter

An increase of EUR 747 million was recorded in travel revenue in the period January – March 2019. According to the Bank of Greece, the number of visitors approached 2 million, an increase of 7% over the same period in 2018.

More specifically, based on the Bank’s definitive figures, the surplus of the travel balance amounted to EUR 165 million, compared to a surplus of EUR 127 million in the corresponding period of 2018, an increase of 29.5%.

This development is due to the increase in revenue from residents of the European Union by 23.2%, or EUR 402 million, accounting for 53.8% of total revenue. Revenue from non-EU residents increased by 50.6% to EUR 333 million.

Travel traffic

EU countries contributed to travel traffic with a participation rate of 54.5%, and non-EU countries with 43.8%. In particular, travel traffic from EU countries grew by 0.2% compared to the corresponding period of 2018. According to the Bank’s figures, this development is due to the increase in travel traffic by 2.0% from EU countries outside the euro area, which stood at 557 thousand travelers. By contrast, intra-eurozone travelers fell to 515 thousand and travel traffic dropped by 1.7%. Increased traffic was recorded from non-EU countries by 19.1%, with travelers reaching 863 thousand.

More specifically, travel traffic from Germany fell by 9.6% and travelers reached 180 thousand. At the same time, visitors from France increased by 42.8% to 55 thousand. An increase was also seen in the United Kingdom with 41.8% and 143 thousand travelers.

Finally, from outside the EU, travel traffic from Russia increased by 89.9% to 30 thousand travelers. From the US, travel traffic grew by 47.4% to 104 thousand. Overnight stays in Greece amounted to 11,860 thousand in the period January – March 2019, compared to 10,026 thousand in the corresponding period of 2018, showing an increase of 18.3%./ibna