Despite economic shifts, travel services boosted tourism in 2024, with receipts exceeding €21 billion, the Bank of Greece reported.
- Tourism receipts hit €21 billion during January-November 2024, reflecting a healthy travel services balance.
- November’s current account deficit narrowed by €31.8 million compared to 2023, settling at €3.2 billion.
- The services surplus grew due to stronger travel services performance.
- Non-resident arrivals rose by 23.6% in November, while corresponding revenues surged by 44.7%.
Tourism Receipts Exceed €21 Billion From January to November 2024
Tourism played a significant role in the economy between January and November 2024, with total receipts surpassing €21 billion. November alone saw notable trends in the current account balance and travel sector, highlighting the importance of tourism-related revenues.
The November 2024 current account deficit saw a slight reduction of €31.8 million compared to the same month in 2023. This brought the deficit to €3.2 billion. While the trade balance worsened due to declining exports (-5.8%; -2.0% in real terms) and rising imports (+2.3%; +3.8% in real terms), the travel services balance saved the day.
The export of goods excluding fuel rose by 2.5% (+3.1% in real terms), while similar imports climbed by 3.5% (+3.2% in real terms). On the services front, the surplus expanded thanks to robust performance in travel services. However, the transport balance recorded a decline during the same period.
In November, arrivals of foreign travellers climbed by an impressive 23.6%, with related revenues increasing by 44.7%. The primary income balance also improved, partly due to lower net payments on interests, dividends, and profits, alongside higher net income from other primary sources.
Year-to-Date: The Broader Picture
From January to November 2024, the current account deficit widened by €510.9 million compared to 2023, reaching €11.5 billion. This was mainly driven by a decline in goods exports (-3.6%; -3.3% in real terms) and an increase in imports (+1.5%; +3.0% in real terms). Non-fuel goods exports saw a marginal rise of 0.1%, while similar imports grew by 4.2% in nominal terms.
Despite these challenges, the services balance surplus grew, with travel services as a key contributor. Non-resident tourist arrivals rose by 9.7%, while associated receipts jumped by 4.9% during the 11 months.
Primary income saw a deficit increase due to shrinking net income from other categories, though this was somewhat offset by lower payments on profits, interest, and dividends. Secondary income, on the other hand, reported a more than twofold growth due to higher net receipts outside the government sector.
“Tourism receipts exceeded expectations, proving the undeniable influence of international visitors,” officials stated. With travel becoming increasingly appealing, these trends may pave the way for new adventures and opportunities in 2025.
