Arrivals increased by 121.8% and related receipts by 92.1% compared to the corresponding period in 2021
The current account deficit increased by 4.2 billion euros in the eight months of January – August, reaching 10 billion euros.
In the same period arrivals increased by 121.8% and related receipts by 92.1% compared to the corresponding period in 2021, at €12.7 billion, representing 87.6% and 96.4% of their respective levels in 2019.
According to the data of the Bank of Greece, the increase in the deficit in the Current Account mainly reflects the increase in the deficit in the balance of goods which is due to the increase in imports at a rate faster than the rate of increase in exports.
Exports recorded 43.3% increase at current prices (7.0% at constant prices) and imports by 48.1% at current prices (21.6% at constant prices).
In particular, at current prices, exports and imports of non-fuel goods increased by 27.5% and 30.5% respectively (10.4% and 21.5% at constant prices.
In the period January-August 2022, the overall balance sheet deficit of current transactions and funds increased by 5.0 billion euros compared to the corresponding period of 2021 and amounted to 7.8 billion euros.
In the Balance of Financial Transactions in the category of direct investments, the claims of residents towards abroad increased by 983 million euros and the liabilities of residents towards abroad, which correspond to direct investments by non-residents in Greece, recorded an increase of 4.7 billion . euro.
In portfolio investments, the net increase in residents’ claims against abroad is mainly due to the increase of 9.4 billion euros in the placements of residents in foreign bonds and interest-bearing bills. The net increase in their liabilities is almost entirely due to the €851.0 million increase in non-residents’ placements in Greek bonds and interest-bearing bills.
In the category of other investments, the decrease in the claims of residents vis-a-vis abroad is due to the decrease of 5.3 billion euros in placements of residents in deposits and repos abroad, which was partially offset by the statistical adjustment linked to the issuance of banknotes ( by 3.3 billion euros). The increase in their liabilities mainly reflects the increase of 8.4 billion euros in the placements of non-residents in deposits and repos in Greece.
RES-EMP
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I have worked in the news industry for over 10 years and have been an author at News Bulletin 247 for the past 5 years. I mostly cover technology news and enjoy writing about the latest gadgets and devices. I am also a huge fan of music and enjoy attending live concerts whenever possible.
