The current account deficit increased by 6.3 billion euros

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The current account deficit increased by 6.3 billion euros

The development reflects the increase in the deficit of the balance of goods which is due to the greater increase in imports than that of exports.

The current account deficit of the country showed a significant increase of 6.3 billion euros in the ten months of January – October, reaching 13.6 billion euros.

This development, according to the data of the Bank of Greece, reflects the increase in the deficit of the balance of goods which is due to the greater increase in imports than that of exports. Exports increased by 39.5% at current prices (5.3% at constant prices) and imports by 46.4% at current prices (20.5% at constant prices).

In particular, at current prices exports and imports of non-fuel goods increased by 25.5% and 28.0% respectively (8.5% and 19.2% at constant prices).

On the contrary, the Services Balance shows an increase in the surplus as the travel balance improved significantly.

Specifically, non-resident traveler arrivals increased by 92.1% and related receipts by 70.4% compared to the corresponding period in 2021, representing 88.9% and 97.4% of their respective levels in 2019. net receipts from transfers showed an increase of 13.7%.

Finally, the total deficit of the Current Account and capital balance, which corresponds to the economy’s needs for financing from abroad, increased by 6.7 billion euros compared to the corresponding period of 2021 and amounted to 10.9 billion euros.

In the category of direct investments, the claims of residents vis-à-vis abroad increased by 1.1 billion euros and the liabilities of residents vis-a-vis abroad, which correspond to direct investments of non-residents in Greece, registered an increase of 5.7 billion euros .

In portfolio investments, the increase in residents’ claims against abroad is mainly due to the increase of 8.7 billion euros in placements of residents in foreign bonds and interest-bearing bills. The increase in their liabilities is due to the increase of 83.0 million euros in the placements of non-residents in Greek bonds and bonds and the increase of 78.0 million euros in placements of non-residents in shares of Greek companies.

RES-EMP

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