BoG: Current Accounts Trade Deficit at 8.6bln Jan.-Jul. 2024

Bank of Greece (BoG) data indicated the current accounts trade deficit recorded a rise amounting to €8.6 billion over the first 7 months of 2024, compared to the same period last year.

The rise is primarily attributed to the fall of the balance of goods records and, to a lesser extent, to the balance of primary income. The improvement of the secondary income balance partly offsets this.

There was a decrease of €600.4 million in the current account surplus in July 2024, in comparison to the same month in 2023, which stood at €246.2 million. The balance of goods deficit expanded due to an uptick in imports vis-à-vis exports.

In current prices, goods exports increased by 8.3% (5.9% in constant prices), while goods imports grew by 8.4% (10.6% in constant prices). Specifically, in current prices, exports of goods excluding fuel rose by 7.5% (4.8% in constant prices), while imports of goods excluding fuel increased by 13.6% (13.2% in constant prices).

Over the same period, according to the Bank of Greece, the capital account recorded a small surplus of €1.2 million, compared to a deficit in the same month of 2023, reflecting the recording of net receipts versus net payments in sectors outside the general government.

During the period January-July 2024, the capital account showed a deficit of €564.8 million, compared to a surplus in the same period of 2023, due to a decrease in net receipts by the general government, as well as the recording of net payments versus net receipts in sectors outside the general government.