Specifically, the BoG statement reads:
“Balance of travel services
Based on provisional data, the balance of travel services in May 2018 showed a surplus of €1,273 million, compared with a surplus of €921 million in May 2017. More specifically, travel receipts in May 2018 rose by 34.7% to €1,475 million from €1,095 million in May 2017, but this increase was partly offset by a 16.0% rise in travel payments (May 2018: €202 million, May 2017: €174 million). The increase in travel receipts is attributed to a 23.6% increase in inbound traveller flows, as well as to a rise of 10.7% or €56 in average expenditure per trip. Net receipts from travel services offset 91.4% of the goods deficit and accounted for 76.8% of total net receipts from services.
In January-May 2018, the balance of travel services showed a surplus of €1,590 million, up from a surplus of €1,275 million in the same period of 2017. This development was due to an increase in travel receipts (by €449 million or 21.7%), which was partly offset by a rise in travel payments (by €134 million or 16.8%). The rise in travel receipts was driven by a 16.8% increase in inbound traveller flows and by a rise of 5.4% or €24 in average expenditure per trip. Net receipts from travel services offset 20.0% of the goods deficit and accounted for 52.2% of total net receipts from services.
Travel receipts
In May 2018, as mentioned previously, travel receipts rose by 34.7% year-on-year. In more detail, receipts from residents of the EU28 increased by 53.8% to €1,116 million, whereas receipts from outside the EU28 declined by 2.0% (May 2018: €312 million, May 2017: €318 million). The higher receipts from within the EU28 were due to increases in receipts from euro area residents by 66.0% to €769 million and in receipts from residents of non-euro area EU28 countries by 32.4% to €347 million (May 2017: €262 million). Among major countries of origin, receipts from Germany rose by 87.6% to €411 million, as did receipts from France, by 27.0% to €95 million. Receipts from the United Kingdom also increased, by 8.2% to €205 million. Turning to non-EU28 countries, receipts from Russia fell by 43.1% to €19 million, whereas receipts from the United States rose by 8.8% to €83 million.
In January-May 2018, travel receipts increased by 21.7%, relative to the same period of 2017, to €2,518 million. This development is attributed to increases in receipts from within the EU28 by 35.0% to €1,734 million and in receipts from outside the EU28 by 1.2% to €704 million. In particular, receipts from euro area residents rose by 38.8% to €1,185 million, while receipts from residents of non-euro area EU28 countries also increased, by 27.5% to €549 million. Specifically, receipts from France increased by 6.3% to €155 million, and receipts from Germany increased by 65.2% to €565 million. Receipts from the United Kingdom also increased, by 7.6% to €293 million. Turning to non-EU28 countries, receipts from Russia fell by 35.0% to €36 million, whereas receipts from the United States rose by 1.3% to €157 million.
Inbound traveller flows
The number of inbound visitors in May 2018 rose by 23.6% year-on-year to 2,450 thousand. Specifically, visitor flows through airports increased by 26.6%, as did visitor flows through road border-crossing points, by 12.4%. This increase in flows is attributed to higher visitor flows from within the EU28 (up 33.5%), as visitor flows from outside the EU28 declined by 2.4%. In greater detail, the number of visitors from within the euro area increased by 39.6% to 1,171 thousand, as did visitors from the non-euro area EU28 countries, by 24.9% (May 2018: 746 thousand, May 2017: 598 thousand). Specifically, the number of visitors from France rose by 20.4% to 173 thousand, and the number of visitors from Germany rose by 59.9% to 551 thousand. Visitors from the United Kingdom also increased, by 4.7% to 297 thousand. Turning to non-EU28 countries, visitors from Russia fell by 40.8% to 24 thousand, whereas visitors from the United States rose by 32.3% to 76 thousand.
In January-May 2018, the number of inbound visitors increased by 16.8% to 5,352 thousand (January-May 2017: 4,584 thousand). Specifically, visitor flows through airports increased by 18.6%, as did visitor flows through road border-crossing points, by 14.2%. In the period under review, the number of visitors from within the EU28 rose by 23.5% year-on-year to 3,716 thousand, while the number of visitors from outside the EU28 also increased, by 3.9% to 1,636 thousand. Visitors from within the euro area rose by 26.8%, as did visitors from the non-euro area EU28 countries, by 19.5%. Specifically, the number of visitors from France increased by 3.8% to 273 thousand, and the number of visitors from Germany increased by 50.2% to 888 thousand. Visitors from the United Kingdom also increased, by 5.3% to 480 thousand. Finally, turning to non-EU28 countries, the number of visitors from Russia decreased by 31.9% to 53 thousand, whereas the number of visitors from the United States rose by 13.0% to 197 thousand.”
Source: naftemporiki.gr