Greece’s current account deficit decreased in September 2025 compared to the same month in 2024, with the improvement attributed mainly to the goods balance and, to a lesser extent, to the primary income balance.
Despite this positive picture, the reduction in the deficit was largely offset by the deterioration in the services balance, which records travel receipts, as well as the secondary income balance. During the period January–September 2025, the current account deficit was reduced compared to the same period in 2024, mainly due to the improvement in the balances of goods and primary income and, to a lesser extent, services.
For September 2025, the current account deficit decreased by €77.1 million and amounted to €408.8 million. The goods balance showed improvement, as exports increased while imports decreased. In current prices, exports of goods increased by 2.6%, while in constant prices the increase was 5.6%. Similarly, imports decreased by 4.0% in current prices and by 4.1% in constant prices. Exports of non-fuel goods decreased 1.0% in current prices but increased 2.6% in constant prices, while the corresponding imports of non-fuel goods increased 3.8% (3.5% in constant prices).
In the services balance, the surplus was limited due to deterioration in all individual balances. The largest decline came from the balance of travel services. Despite a 3.6% increase in non-resident tourist arrivals, the corresponding revenues decreased by 3.6% compared to September 2024. This development led to a total increase in the services balance for the month.
The primary income balance deficit decreased, reflecting the reduction in net payments for interest, dividends, and profits. In contrast, the deficit of the secondary income balance almost doubled, as a result of the increase in net payments in all sectors of the economy.
In the nine-month period from January to September 2025, the current account deficit decreased by 2.2 billion euros and amounted to 7.0 billion euros. The goods balance improved because the decrease in imports exceeded the decrease in exports. In current prices, exports of goods decreased by 4.5% (0.4% increase in constant prices), while imports decreased by 4.6% (-3.2% in constant prices). Both exports and imports of goods excluding fuels increased by 2.9% in current prices.
The services balance surplus expanded in the nine-month period due to an improvement in the travel services balance. Non-resident tourist arrivals increased by 4.0% and related revenues by 9.0% compared to January–September 2024. This improvement was more than offset by the deterioration in the balance of transportation and other services.
The primary income balance deficit also decreased in the nine-month period, mainly due to the reduction in net payments for interest, dividends, and profits. The secondary income balance showed a slight deterioration, as net receipts in the non-general government sectors decreased, almost entirely offset by a decrease in net payments by the general government.
As for the capital balance, in September 2025 the deficit decreased and was 8.1 million euros, while in the nine-month period the capital balance showed a surplus of 601.7 million euros, compared to a deficit in 2024. The change is due to the increase in the general government’s net receipts.
For the total balance of current and capital transactions, the deficit was limited in September 2025 and amounted to 416.9 million euros. For the period January–September 2025, the total deficit decreased and amounted to 6.4 billion euros.
In the financial account, direct investments recorded net inflows of liabilities of €425.3 million and net outflows of claims of €238.5 million in September. In portfolio investments, the decrease in claims is mainly due to the decrease in investments in foreign bonds and treasury bills. The increase in liabilities came from a rise in non-resident placements in Greek bonds, treasury bills, and stocks.
In other investments, claims increased due to an increase in loans to non-residents and the statistical adjustment related to banknotes. Liabilities decreased due to a decrease in non-resident placements in deposits and repos.
During the period January–September 2025, net direct investment by non-residents in Greece amounted to €8.6 billion. In portfolio investments, claims increased due to expanded investments in non-resident shares, while liabilities increased due to a significant rise in non-resident investments in Greek bonds and treasury bills.
At the end of September 2025, the country’s foreign exchange reserves amounted to 18.8 billion euros, compared to 13.9 billion euros at the end of September 2024.
