The deficit of the balance of goods widened, as exports decreased and imports increased. At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices). Specifically, non-oil goods exports at current prices fell marginally by 0.7% (‑3.2% at constant prices), while the corresponding imports increased by 10.7% (11.8% at constant prices).
The services surplus increased slightly due to an improvement across all its sub-components. Compared with February 2023, non-residents’ arrivals rose by 26.0% and the relevant receipts grew by 22.2%.
The primary income account registered a deficit, against a surplus in the corresponding month of 2023, as net receipts from other primary income decreased and net interest, dividend and profit payments increased. The secondary income account recorded a deficit, against a surplus in February 2023, as general government registered net payments instead of net receipts.
In January-February 2024, the current account deficit fell by €41.5 million year-on-year and stood at €1.5 billion. The goods deficit grew, reflecting a drop in exports and an increase in imports. At current prices, exports decreased by 10.3% (‑17.6% at constant prices) and imports grew by 1.1% (1.2% at constant prices). More specifically, non-oil goods exports at current prices declined by 4.5%, while the corresponding imports increased by 5.9% (‑14.5% and 1.4% at constant prices, respectively).
The services surplus widened, due to an improvement in the other services balance and, to a lesser extent, the travel and transport balances. Compared with January-February 2023, non-residents’ arrivals rose by 20.7% and the relevant receipts grew by 24.5%.
The primary income account deficit deteriorated markedly compared with January-February 2023, mainly due to lower net receipts of other primary income. The secondary income account surplus increased during the same period year-on-year, mainly as a result of higher net receipts of the other sectors of the economy excluding general government.
