The current account deficit decreased by €825.0 million in October 2024, according to data released today by the Bank of Greece. However, in the ten-month period from January to October 2024, the deficit increased by €220.6 million to €8.0 billion.

In detail, as announced by the BoG, in October 2024, the current account deficit decreased by EUR 825.0 million compared to the same month in 2023 and stood at EUR 383.2 million. The goods deficit widened as the decline in exports exceeded that of imports. At current prices, exports of goods fell by 10.1% (-5.0% at constant prices) and imports of goods by 1.8% (up 14.9% at constant prices). At current prices, exports of goods excluding fuel increased by 3.8% (1.4% at constant prices), and imports of goods excluding fuel rose by 11.1% (13.0% at constant prices).

The surplus of the services balance increased, driven by an improvement primarily in the travel services balance and secondarily in the other services balance, while the transport balance deteriorated. Compared to October 2023, non-resident traveler arrivals increased by 8.6% and related receipts by 19.7%. The primary income balance recorded a surplus, compared with a deficit in the corresponding month of 2023, mainly reflecting the recording of net receipts against net payments for interest, dividends and profits. The secondary income balance recorded a surplus, compared to a deficit in the corresponding month of 2023, as a result of the recording of net receipts against net payments in the general government sector, due to the disbursement of the fourth tranche in the form of grants from the Recovery and Resilience Facility (RRF).

In the January-October 2024 period, the current account deficit increased by EUR 220.6 million compared to the same period in 2023 to EUR 8.0 billion. 

The goods deficit increased due to a decline in exports and a simultaneous increase in imports. At current prices, exports of goods decreased by 3.4% (-3.4% at constant prices) and imports of goods increased by 1.5% (4.2% at constant prices). In particular, in current prices, exports of goods excluding fuel decreased marginally (-0.2%), while imports increased by 4.3% (-2.9% and 4.5% in constant prices, respectively).

The surplus of the services balance widened, mainly due to an improvement in the travel and, to a lesser extent, the other services balance, while the surplus of the transport balance decreased. Compared with the January-October 2023 period, non-resident traveler arrivals increased by 9.2 percent and related receipts by 5.5 percent.

The primary income balance deficit increased relative to the same period in 2023, due to a decrease in net receipts from other primary income. The surplus of the secondary income balance more than doubled compared with the corresponding period in 2023, due to an increase in net receipts in the other non-general government sectors of the economy.

Capital account balance

In October 2024, the capital account recorded a surplus of 530.8 million, compared to a deficit in the corresponding month of 2023, reflecting an increase in net receipts in the general government sector, mainly due to capital inflows from the RRF.

In January-October 2024, the capital account recorded a deficit of EUR 93.0 million, compared with a surplus in the corresponding period of 2023, mainly due to a decrease in net receipts in the general government sector, as well as the recording of net payments against net receipts in the other non-general government sectors of the economy.

Total current and capital account balance

In October 2024, the overall current and capital account (which corresponds to the economy's external financing needs) recorded a surplus, compared with a deficit in the corresponding month of 2023, and stood at EUR 147.7 million.

In the January-October 2024 period, the deficit of the overall current and capital account widened by EUR 2.3 billion compared with the corresponding period of 2023, reaching EUR 8.1 billion.