The rise of tourism in Greece continues

The rise of tourism in Greece continues

An increase of 32% was recorded in March’s travel revenues in Greece, according to the official data of the Bank of Greece. It is worth noting that the increase in travel revenues is due to the increase of the average cost per travel by 21.9%, while at the same time there is an improvement in the arrivals and a positive outlook for the 3-month period.

According to provisional data, the March 2019 travel balance showed a surplus of € 95 million, roughly equivalent to the same month of 2018. In particular, the travel revenues recorded an increase of 32.2% in March 2019, which amounted to € 319 million, compared to € 241 million in the corresponding month of 2018, while an increase of 53.4% was also observed in travel payments (March 2019: € 224 million, March 2018: € 146 million).

The increase in travel revenues is due to an increase in the average spending per travel by 21.9% and to an increase in incoming travel traffic by 9.1%. The net revenues from travel services offset the goods deficit by 4.5% and contributed by 16.1% to the total net revenues from services.

In the period January-March 2019, the travel balance showed a surplus of € 212 million, compared to a surplus of € 127 million in the corresponding period in 2018. This was due to the increase in travel revenues by € 206 million or 37.2%, which were only partially offset by the increase in travel payments by € 121 million or 28.4%. The increase in travel revenues is due to the increase in average spending per travel by 27.7% and to the increase in incoming travel traffic by 7.8%. Net revenues from travel services offset the balance of goods deficit by 3.5% and contributed 13.7% to total net revenues from services.

Travel revenues

In March 2019, as noted above, travel revenues grew by 32.2% compared to the corresponding month of 2018. More specifically, revenues from residents of the EU-28 countries increased by 9.0%, which amounted to € 157 million, while revenues from non-EU-28 residents increased by 70.3% (March 2019: € 157 million, March 2018: € 92 million)./ibna