Greek tourism on the rise: 9.3% increase in revenues in May

Greek tourism on the rise: 9.3% increase in revenues in May

A surplus of EUR 1,361 million, compared to a surplus of EUR 1,262 million in the corresponding month of 2018, showed the travel balance in May 2019, according to provisional data of the Bank of Greece.

In particular, travel revenues in May 2019 amounted to EUR 1,605 billion, compared to EUR 1,468 million in the corresponding month of 2018, recording an increase of 9,3%, while an increase of 18,4% was also observed in travel payments (May 2019: EUR 244 million, May 2018: EUR 206 million).

The increase in travel revenue is due to an increase in average expenditure per trip by 12.2%, as incoming tourist traffic declined by 2.6%. Net revenue from the supply of travel services compensated by 59.1% the deficit of the balance of goods and contributed by 74.9% to total net revenue from services.

In the period January-May 2019, the travel balance showed a surplus of EUR 1,726 million, compared to a surplus of EUR 1,598 million in the corresponding period of 2018. This increase was due to the increase in travel revenues by EUR 364 million or 14.4%, which were only partly compensated for by the increase in travel payments by EUR 236 million or 25.5%. The increase in travel revenue is due to an increase in average expenditure per trip by 15.4%, as incoming tourist traffic decreased slightly by 0.9%. Net revenues from the supply of travel services compensated by 17.2% the deficit of the goods balance and contributed by 43.6% to total net revenues from services.

Travel revenue

In May 2019, as noted above, travel revenues increased by 9.3% compared to the corresponding month of 2018. More specifically, revenues from residents of the EU-28 countries, which amounted to EUR 1,122 million, increased by 3.3%, while revenues from non-EU-28 residents increased by 29,1% (May 2019: EUR 425 million, May 2018: EUR 329 million).

The increase in revenue from residents of the EU-28 countries was the result of an increase in euro zone residents’ revenues by 4.4% (May 2019: EUR 756 million, May 2018: EUR 725 million) and an increase in EU-28 residents’ revenues outside the euro zone by 1.1%, which amounted to EUR 366 million.

Incoming tourist traffic

The incoming tourist traffic in May 2019 stood at 2,387 thousand travellers, down 2.6% compared to the corresponding month of 2018. In particular, tourist traffic in the airports increased by 0.7%, while road traffic decreased by 16.6%. The decline in incoming travellers was the results of the reduction of the travel from the EU-28 countries by 8.2%, as the travel from the countries outside the EU-28 increased by 17,7%./ibna