The current account deficit shrank by 4.6 billion euros in the nine-month period, while Greek tourism continued its upward trajectory, with tourist arrivals increasing by 17.3%, propelling travel receipts to 17.9 billion euros.

Specifically, according to the data announced today by the Bank of Greece for the period January-September 2023, the current account deficit decreased to 7.3 billion euros.

As indicated by the BoG data, the reduction in the goods balance deficit is attributed to a greater decrease in imports compared to exports.

Exports showed a decrease of 6.2% in current prices (-2.2% at constant prices), while imports recorded a decrease of 10.8% in current prices (-3.8% at constant prices). Specifically, in current prices, goods exports excluding fuels showed a marginal increase of 0.2%, while the corresponding imports decreased by 2.3% (-4.4% and -4.0% at constant prices, respectively). 

The improvement in the services balance is primarily attributed to the improvement of the travel balance and secondarily to the balance of other services, partially offset by the deterioration in the transportation balance.

Specifically, non-resident traveler arrivals increased by 17.3%, and related receipts increased by 15.2% compared to the corresponding period last year.

The deficit in the primary income balance worsened compared to the same period in 2022, due to the increase in net payments for interest, dividends, and profits, partially offset to some extent by the rise in net receipts from other primary incomes.

The surplus in the secondary income balance increased compared to the same period in 2022, due to the recording of net receipts versus net payments in the general government sector and, to a lesser extent, due to the increase in net receipts in other sectors outside the general government.