According to the Bank of Greece in July 2022, the current account surplus grew by €533.9 million year-on-year and stood at €1.1 billion.
A rise in the deficit of the balance of goods is accounted for by a larger, in absolute terms, increase in imports than in exports. Exports grew by 40.7% at current prices (4.0% at constant prices) and imports rose by 39.9% at current prices (16.0% at constant prices). In particular, non-oil exports of goods grew by 21.9% at current prices (3.8% at constant prices) and non-oil imports of goods rose by 22.7% at current prices (14.9% at constant prices).
A rise in the services surplus is due to an improvement in, primarily, the travel balance and, secondarily, the transport balance, while the surplus of the other services balance fell. Non-residents’ arrivals rose by 87.3% and the relevant receipts by 62.7% year-on-year. It should be noted that, compared with July 2019, arrivals stood at 93.0% and receipts marginally exceeded the corresponding level. The surplus of the transport balance increased on the back of an improvement in the sea transport surplus.
The primary income account deficit fell year-on-year, owing to lower net interest, dividend and profit payments. The secondary income account surplus fell year-on-year, mainly as a result of lower net receipts in the general government balance.
In the January-July 2022 period, the current account deficit recorded an increase of €2.9 billion year-on-year and stood at €9.7 billion.
A rise in the deficit of the balance of goods is due to the fact that imports increased more than exports. In particular, exports grew by 39.9% at current prices (5.3% at constant prices) and imports increased by 47.6% at current prices (21.6% at constant prices). Specifically, non-oil exports and imports of goods grew by 26.6% and 30.9%, respectively, at current prices (10.0% and 22.0% at constant prices).
A rise in the surplus of the services balance is mainly due to an improvement in the travel balance, as well as in the transport and other services balances. Non-residents’ arrivals rose by 191.4% and the relevant receipts by 154.2% year-on-year, representing 87.9% and 97.1% of the respective levels in 2019. Net transport receipts increased by 33.4%.
The surplus of the primary income account fell year-on-year, mainly due to a decline in net receipts under other primary income. The surplus of the secondary income account rose due to an improvement in the other sectors of the economy, as well as in general government.
