Greece’s current account deficit shrank by 4.2 billion euros in the eight-month period, while tourist arrivals increased by 18.4%, boosting travel receipts to 14.66 billion euros.
More specifically, in the January-August period, the current account deficit decreased by 4.2 billion year‑on‑year at 6.9 billion euros.
A decline in the deficit of the balance of goods is accounted for by a larger drop in imports than in exports. Exports fell by 5.7% at current prices (‑1.1% at constant prices), whereas imports declined by 10.1% at current prices (‑3.2% at constant prices).
Non‑oil exports of goods rose by 1.6%, while the corresponding imports decreased by 2.1% (‑3.3% and ‑4.1% at constant prices, respectively). An increase in the services surplus is attributed to an improvement, primarily, in the travel balance and, secondarily, in the other services balance, which was partly offset by a deterioration in the transport balance.
15.3% “jump” in travel receipts in 8-month period
Greece’s current account surplus increased mainly due to an improvement in travel receipts and the balance of services. More specifically, non‑residents’ arrivals grew by 18.4% and travel receipts increased by 15.3% year‑on‑year.
What do the figures for August show?
With regard to August, the current account surplus showed a slight increase of 20 million euros compared to August 2022 and amounted to 497.7 million euros.
