In March 2025, the current account deficit increased by €496.7 million year-on-year and stood at €3.0 billion.
The goods deficit widened, as exports decreased and imports increased. At current prices, exports dropped by 8.9% (‑3.8% at constant prices) and imports grew by 2.6% (3.3% at constant prices). However, non-oil goods exports at current prices increased by 5.5% (7.5% at constant prices), while the corresponding imports increased by 3.4% (2.3% at constant prices).
The services surplus declined, due to a decrease in the surplus of the transport and travel balances, while the surplus of the other services balance increased. Compared with March 2024, non-residents’ arrivals rose by 5.4% and the relevant receipts grew by 5.1%.
The deficit of the primary income account almost halved year-on-year, primarily reflecting an increase in net receipts from other primary income and, secondarily, a decrease in net interest, dividend and profit payments. The secondary income account deficit grew in March 2025, due to higher net payments in the other sectors of the economy excluding general government.
In the first quarter of 2025, the current account deficit increased by €707.8 million year-on-year and stood at €4.5 billion. The goods deficit grew, reflecting a larger drop in exports than in imports. At current prices, exports decreased by 2.2% (up by 0.8% at constant prices) and imports fell slightly by 0.2% (-0.2% at constant prices). However, non-oil goods exports at current prices increased by 4.2%, while the corresponding imports grew by 3.0% (5.6% and 2.0% at constant prices, respectively).
The services surplus contracted, due to a decrease in the surplus of all its components, mainly the transport and other services balances. Compared with the first quarter of 2024, non‑residents’ arrivals rose by 5.4% and the relevant receipts grew by 4.4%.
The primary income account recorded a surplus, against a deficit in the first quarter of 2024, owing to higher net receipts from other primary income and lower net interest, dividend and profit payments. The surplus of the secondary income account decreased year-on-year in the first quarter of 2025, as general government registered higher net payments and the other sectors of the economy, excluding general government, recorded lower net receipts.
