Greek current account deficit drops by 3 bln€ in Jan-Feb. 2023 period

The Greek current account deficit fell by 3.0 billion euros in the January-February period this year compared with the corresponding period in 2022 to stand at 1.5 billion, the Bank of Greece announced on Thursday.

Specifically, the central bank attributed this development chiefly to an improvement in the balance of goods as well as in the secondary income account, which was offset to a degree by a worsening in the primary income account and the services balance. A drop in the deficit of the balance of goods was accounted for by a larger increase in exports than in imports. Exports grew by 25.1 percent at current prices (10.7 percent at constant prices) and imports increased marginally by 0.3 percent at current prices (-1.1 percent at constant prices). Specifically, non-oil exports and imports of goods grew by 11.9 percent and 0.8 percent, respectively, at current prices (0.3 percent and -3.5 percent at constant prices). A decrease in the services surplus was attributed to a deterioration in the transport balance, which was partly offset by an improvement in the travel and other services balances.
Non-residents’ arrivals grew by 83.5 percent and the relevant receipts by 76.4 percent year-on-year. The surplus of the primary income account decreased year-on-year, as a result of higher net interest, dividend and profit payments, which were partly offset by an increase in net receipts from other primary income.
The surplus of the secondary income account widened year-on-year, chiefly because the general government balance registered net receipts instead of net payments.