It was expanded by 253 million euros deficit of Balance of Current Transactions of the country in the first quarter of 2024 compared to the corresponding period last year, resulting in 4.2 billion euros.

This development, according to data from the Bank of Greece, mainly reflects the increase in the trade balance deficit, as exports declined by 10.7% (11.4% at constant prices) and imports fell by 1.9% (up 1.5% at constant prices).

In particular, at current prices, exports of goods without fuel showed a decrease of 9.0%, while the corresponding imports increased by 3.0% (11.0% and 3.9% at constant prices respectively).

On the contrary, the surplus in the services balance widened, due to the improvement in both the travel balance and the transport balance, while the surplus in the other services balance narrowed. Compared to the first quarter of 2023, non-resident traveler arrivals increased by 24.5% and related receipts by 28.2%.

The capital balance showed a deficit, compared to a surplus in the first quarter of 2023, and stood at 424.9 million euros, mainly due to the decrease in net receipts in the general government sector.

The deficit of the total balance of current transactions and funds, which corresponds to the needs of the economy for financing from abroad, more than doubled, compared to the corresponding period of 2023, and was formed at 4.6 billion euros.

In the Balance of Financial Transactions in the category of direct investments, flows of 443.3 million euros were recorded in the claims of residents vis-a-vis abroad and in the liabilities of residents vis-a-vis abroad, which correspond to direct investments by non-residents in Greece, flows of 1, 2 billion euros.

In portfolio investments, the increase in residents’ claims against abroad is mainly due to the increase of 2.0 billion euros in placements of residents in foreign bonds and interest-bearing bills. The increase in their liabilities largely reflects the €3.7 billion rise in non-residents’ positions 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 mainly due to the decrease of 2.6 billion euros in placements of residents in deposits and repos abroad and, to a lesser extent, to the statistical adjustment linked to the issuance of banknotes (by 968.0 million euros).