Current account deficit narrows in January–September 2025

According to the Bank of Greece, in September 2025, the current account deficit contracted by €77.1 million year-on-year and stood at €408.8 million.

The goods deficit declined, as exports increased and imports decreased. At current prices, exports of goods rose by 2.6% (5.6% at constant prices), while imports of goods dropped by 4.0% (-4.1% at constant prices). Non-oil exports of goods at current prices fell by 1.0% (+2.6% at constant prices), while the corresponding imports increased by 3.8% (3.5% at constant prices).

The surplus of the services balance contracted, due to a deterioration in all its components, mainly the travel balance. Compared with September 2024, non-residents’ arrivals grew by 3.6%, while the relevant receipts fell by 3.6%.

The deficit of the primary income account fell year-on-year, reflecting lower net interest, dividend and profit payments. The deficit of the secondary income account almost doubled year-on-year, owing to higher net payments in all sectors of the economy.

In January-September 2025, the current account deficit fell by €2.2 billion year-on-year to stand at €7.0 billion.

The goods deficit shrank, reflecting a larger drop in imports than in exports. At current prices, exports of goods decreased by 4.5% (+0.4% at constant prices) and imports of goods by 4.6% (-3.2% at constant prices). Non-oil exports and imports of goods at current prices rose by 2.9% (5.7% and 2.2% at constant prices, respectively).

The surplus of the services balance grew on account of an improvement in the travel balance, more than half of which was offset by a deterioration in the transport and the other services balances. Non-residents’ arrivals increased by 4.0% year-on-year and the relevant receipts rose by 9.0%.

The primary income account deficit fell year-on-year, mainly driven by lower net interest, dividend and profit payments. The secondary income account surplus decreased slightly year-on-year, as lower net receipts were recorded in the other sectors of the economy excluding general government, which were almost entirely offset by lower general government net payments.