The country’s current account deficit worsened in the five months of January-May, increasing by 1.7 billion euros compared to the first five months of 2023 and standing at 9.1 billion euros, despite the increase in tourist traffic.

The goods balance deficit increased due to the simultaneous decrease in exports and increase in imports. At current prices, exports of goods decreased by 4.1% (6.6% at constant prices) and imports of goods increased by 4.3% (5.3% at constant prices). In particular, at current prices, exports of goods without fuel showed a decrease of 4.1%, while the corresponding imports increased by 5.1% (6.9% and 5.7% at constant prices, respectively).

The services surplus widened, mainly due to an improvement in the travel balance and, to a lesser extent, the other services balance, partially offset by a narrowing of the transport surplus. Compared to the first five months of 2023, non-resident traveler arrivals increased by 20.6% and related receipts by 16.2%.

The primary income balance deficit increased compared to the corresponding period in 2023, mainly due to the decrease in net receipts from other primary incomes. The surplus of the secondary income balance increased compared to the corresponding period of 2023, due to the increase in net receipts in the other, except general government, sectors of the economy.

The capital balance showed a deficit, compared to a surplus in the first five months of 2023, which amounted to 642.2 million euros, on the one hand due to the reduction of net receipts in the general government sector and on the other hand due to the recording of net payments, compared to net receipts, in the other, apart from the general government, sectors of the economy.

In the category of direct investments, net flows of 562.2 million euros were recorded in the claims of residents vis-a-vis abroad and net flows of 1.6 billion were recorded in the liabilities of residents vis-a-vis abroad, which correspond to direct investments of non-residents in Greece . euro.

In portfolio investments, the increase in the claims of residents against abroad is due for the most part to the increase of 5.2 billion euros in placements of residents in bonds and interest-bearing bills abroad. The increase in their liabilities mainly reflects the €6.4 billion increase in non-residents’ positions in Greek bonds and bonds and the €1.7 billion increase in non-residents’ positions in domestic companies’ shares.

In the category of other investments, the decrease in residents’ claims against abroad is mainly due to the decrease of 5.2 billion euros in placements of residents in deposits and repos abroad, which was partially offset by the increase of 410.0 million euros of granting loans to non-residents.