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BoG: Greek travel services balance in surplus in Q1

BoG: Greek travel services balance in surplus in Q1

The balance of travel services in March 2018 showed a surplus of 79 million euros based on provisional data, compared with a surplus of 53 million in March 2017, the Bank of Greece said on Tuesday.

The central bank, in a report, said that travel receipts in March 2018 rose by 28.2 pct to 252 million euros from 197 million in March 2017, but this increase was partly offset by a 20.7 pct rise in travel payments (March 2018: 173 million euros, March 2017: 143 million). The increase in travel receipts is attributed to a 12.8 pct increase in inbound traveller flows, as well as to a rise of 14.9 pct or 45 euros in average expenditure per trip. Net receipts from travel services offset 5.3 pct of the goods deficit and accounted for 26.4 pct of total net receipts from services.

In January-March 2018, the balance of travel services showed a surplus of 86 million euros, unchanged from the same period of 2017. This development was due to the fact that both travel receipts and payments increased by 68 million (or by 13.9 pct and 16.9 pct, respectively). The rise in travel receipts was driven mainly by a 12.8 pct increase in inbound traveller flows, as well as by a rise of 1.3 pct or 4 euros in average expenditure per trip. Net receipts from travel services offset 1.8 pct of the goods deficit and accounted for 10.2 pct of total net receipts from services.

In March 2018, as mentioned previously, travel receipts rose by 28.2 pct year-on-year. In more detail, receipts from residents of the EU28 increased by 47.3 pct to 152 million euros, whereas receipts from outside the EU28 rose by 8.6 pct. Breaking down receipts by visitors’ country of origin, receipts from Germany rose by 92.1 pct to 37 million euros, as did receipts from France, by 40.2 pct to 9 million. Receipts from the United Kingdom also increased, by 73.0 pct to 21 million euros. Turning to non-EU28 countries, receipts from Russia dropped by 58.2 pct to 2 million euros, while receipts from the United States also decreased, by 27.5 pct to 18 million.

In January-March 2018, travel receipts increased by 13.8 pt year-on-year to 557 million euros. This development is attributed to increases in receipts from within the EU28 by 18.9 pct to 318 million and in receipts from outside the EU28 by 8.4 pct to 232 million.

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