BoG: At 4.5 billion euros the current account deficit in the first quarter

At 4.5 billion euros the deficit in the Current Trade Balance In the first quarter of 2025, according to data announced by Bank of Greece. In particular, in the first quarter of 2025, the current account deficit expanded by EUR 707.8 million compared to the first quarter of 2024 and stood at 4.5 billion euros. The deficit of the balance of goods increased, as the reduction in exports exceeded imports. At current prices, exports decreased by 2.2% (0.8% increase at constant prices), with imports reporting a slight decrease of 0.2% (-0.2% at constant prices). However, at current prices, exports of without fuel increased by 4.2%, while the corresponding imports by 3.0% (5.6% and 2.0% at constant prices respectively).

In detail the BoG announcement:

Current Trade Balance

In March 2025, the current account deficit increased by EUR 496.7 million compared to March 2024 and stood at € 3.0 billion.

The deficit of the goods of goods was expanded as exports recorded a decrease and at the same time the rise in imports. At current prices, exports shrunk by 8.9% (‑3.8% at constant prices) and imports increased by 2.6% (3.3% at constant prices). However, at current prices, exports of without fuel increased by 5.5% (7.5% at constant prices), while imports of without fuel increased by 3.4% (2.3% at fixed prices).

The surplus of the service balance was reduced due to the reduction of the surplus of the transport balance and the travel balance, while the surplus of the balance of other services has risen. Compared to March 2024, non -resident travelers increased by 5.4% and the relevant receipts by 5.1%.

The primary income deficit was reduced by about half compared to the corresponding month of 2024, primarily reflecting the increase in net proceeds from other primary incomes and secondarily the reduction of net interest payments, dividends and profits. The deficit of the secondary income balance was rising in March 2025, as a result of increasing net payments to other, other than the General Government, sectors of the economy.

In the first quarter of 2025, the current account deficit expanded by € 707.8 million compared to the first quarter of 2024 and stood at € 4.5 billion. The deficit of the balance of goods increased, as the reduction in exports exceeded imports. At current prices, exports decreased by 2.2% (0.8% increase at constant prices), with imports reporting a slight decrease of 0.2% (-0.2% at constant prices). However, at current prices, exports of without fuel increased by 4.2%, while the corresponding imports by 3.0% (5.6% and 2.0% at constant prices respectively).

The surplus of the balance of service was shrinking due to the reduction of the surplus to all individual balances and mainly to transport and other services balances. Compared to the first quarter of 2024, non -resident travelers increased by 5.4% and the relevant receipts by 4.4%.

The primary income balance recorded a surplus, against deficit in the first quarter of 2024, due to the rise of net proceeds from other primary incomes and the reduction of net payments for interest, dividends and profits. The surplus of the secondary income balance was reduced in the first quarter of 2025 compared to the corresponding period of 2024, due to the increase in net payments in the general government and the reduction of net receipts in other general government sectors.

Capital balance

In March 2025, the capital balance recorded a surplus, against a deficit in the corresponding month of 2024, and stood at 122.1 million euros, reflecting the registration of net receipts, against almost zero net payments, in the general government sector.

In the first quarter of 2025, the capital balance showed a surplus, compared to a deficit in the first quarter of 2024, and stood at € 482.8 million, mainly due to the significant increase in net receipts in the general government and the reduction of net payments.

Total accounting of current transaction and capital

In March 2025, the deficit of the total current account and capital balance (which corresponds to the needs of the economy for funding from abroad) increased compared to the corresponding month of 2024 and stood at € 2.9 billion.

In the first quarter of 2025, the deficit of the total current account and capital balance decreased against the corresponding 2024 period and was € 4.0 billion.

Financial Trade Balance

In March 2025, in the category of direct investment, residents ‘demands on foreign records of € 151.4 million and residents’ liabilities to foreign net flows of EUR 427.1 million.

In portfolio investments, the reduction of residents’ requirements against abroad mainly reflects the € 1.0 billion decline in their placements in bonds and foreign bills abroad. The increase in their liabilities is mainly due to the € 1.4 billion rise of non -residents in Greek bonds and bold bills.

In the category of other investments, residents’ requirements were reduced to foreign, due to the shrinkage of 1.3 billion euros of residents in deposits and repos abroad, which was partially offset by the statistical adjustment linked to the issuance of banknotes (by € 70.0 million). The reduction in their liabilities mainly reflects the € 2.3 billion drop in non -residents and repos in Greece (including the Target account), which was offset, to some extent, by the statistical adjustment linked to the issuance of banknotes (by 701.0 million euros).

In the first quarter of 2025, in the category of direct investment, residents ‘demands on foreign flows recorded flows of 1.2 billion euros and residents’ liabilities to foreign, which corresponds to direct investment of non -residents in Greece, recorded flows of € 1.2 billion.