Current Account Balance Deficit at €8.8 billion in 6-Month Period

The deficit in the Greek current account balance recorded a new increase in the first half of 2024, raising concerns about the course of the Greek economy, according to official data from the Bank of Greece.

The deficit in the current account balance increased by €693.4 million compared to the same period in 2023, reaching €8.8 billion. However, in June 2024, the current account balance recorded a surplus of €270.8 million, contrasting with the deficit in the same month of 2023. This positive shift was largely driven by tourism which continued to act as the the driving force of the Greek economy.

Some key details

Goods Balance Deficit:

The deficit in the goods balance narrowed due to simultaneous increases in exports and decreases in imports.

In current prices, goods exports rose by 3.3% (or -2.0% in constant prices), while goods imports decreased by 1.4% (or -3.1% in constant prices).

Specifically, exports of goods excluding fuels decreased by 5.8% (or -9.2% in constant prices), while imports of goods excluding fuels declined by 1.5% (or -1.8% in constant prices).

Services Balance Surplus:

The surplus in the services balance improved primarily due to better performance in travel services and, to a lesser extent, transportation services.

Compared to June 2023, non-resident arrivals increased by 8.8%, and related receipts grew by 7.7%.

Primary Income Balance:

The deficit in the primary income balance decreased compared to the same month in 2023.

This reflects increased net receipts from other primary income and a simultaneous decrease in net payments for interest, dividends, and profits.