BoG: June Travel Receipts Lead Greek Tourism Revenue Over 2019 Levels

Tourist arrivals to Greece in June surged by 241.5 percent year‑on‑year, driving tourism-related revenues beyond record year 2019 levels, the Bank of Greece announced on Friday.

More specifically, visitors to the country generated a total of 2.61 billion euros in revenues in June, up 224,5 percent compared to June 2021 and surpassing the amount reached in the same month in 2019 by 2.3 percent. Compared to 2019, the average spending per trip in June was up by 15.9 percent.

At the same time, in the first half (H1) of the year, tourist receipts amounted to 5.126 billion euros, just 287 million euros short of the January-June 2019 period (5.413 billion).

According to central bank data, in the first half of 2022, the current account deficit rose by 3.5 billion euros year‑on‑year to 10.8 billion euros.

The bank attributes the increase in the services balance surplus to robust travel services and transport balances.

Indicative of the rise, non‑resident arrivals during January-June 2022 grew by 360.8 percent recouping 84.9 percent of 2019 levels, Tourism-related revenue increased by 329.3 percent year‑on‑year recovering 94.7 percent pre-Covid-19 levels.

Net transport receipts increased by 27.6 percent.

In June 2022, the current account deficit decreased by 589.2 million euros year‑on‑year to 722.9 million euros.

The central bank attributes the increase in the services surplus mainly to a stronger travel services balance. As mentioned, non-resident arrivals were up by 241.5 percent recouping 89.0 percent of June 2019 levels and travel receipts increased by 224.5 percent year‑on‑year exceeding pre-pandemic levels of the same month.

The surplus of the transport balance increased on the back of an improvement in the sea transport surplus.