The country’s current account deficit widened by €707.8 million in the first quarter of 2025, reaching €4.5 billion, according to data from the Bank of Greece.
This is due to the deterioration of the goods balance deficit, as the decline in exports exceeded that of imports. At current prices, exports fell by 2.2% (up 0.8% at constant prices), with imports recording a slight decrease of 0.2% (-0.2% at constant prices). However, at current prices, exports of goods excluding fuels increased by 4.2%, while the corresponding imports increased by 3.0% (5.6% and 2.0% at constant prices, respectively).
The services surplus shrank due to the narrowing of the surplus in all sub-balances, mainly in transport and other services. Compared with the first quarter of 2024, arrivals of non-resident travelers increased by 5.4% and related receipts by 4.4%.
The primary income balance recorded a surplus, compared with a deficit in the first quarter of 2024, due to an increase in net receipts from other primary income and a decrease in net payments for interest, dividends, and profits. The secondary income balance surplus narrowed in the first quarter of 2025 compared with the corresponding period of 2024, due to an increase in net payments in the general government sector and a decrease in net payments in the private sector. quarter of 2025 compared with the same period in 2024, due to an increase in net payments in the general government sector and a decrease in net receipts in the other sectors of the economy.
The deficit in the overall current account and capital account balance, which corresponds to the economy’s external financing needs, decreased compared to the corresponding period of 2024 and stood at €4.0 billion.
In the direct investment category, residents’ claims on the rest of the world recorded inflows of €1.2 billion. and residents’ liabilities to the rest of the world, corresponding to direct investment by non-residents in Greece, recorded inflows of €1.2 billion.
In portfolio investments, the contraction in residents’ claims on the rest of the world was mainly due to a €1.4 billion decrease in residents’ holdings of foreign bonds and notes, which was partially offset by a €678.5 million increase in residents’ holdings of non-resident company shares. The rise in their liabilities reflects the €5.0 billion increase in non-residents’ holdings of Greek bonds and notes.
