Greece’s current account deficit dropped by 431.3 million euros year-on-year totaling 1.6 billion euros, according to the Bank of Greece. The reduction in the goods deficit is accounted for by a larger drop in imports than exports in absolute terms. Exports fell by 15.9% at current prices (-4.6% at constant prices) and imports fell by 12.8% at current prices (-2.9% at constant prices).
The services’ surplus rose due to an improvement in the balance of travel services, while the transport balance, and to a lesser extent the other services balance, deteriorated. Non-residents’ arrivals rose by 13.9% and receipts rose by 24.8% compared with May 2022. The primary income account registered a deficit, against a surplus in May 2022.
In the January-May 2023 period, the current account deficit decreased by 3.5 billion euros year-on-year totaling 7.2 billion euros. A reduction in the goods deficit is due to an increase in exports and a drop in imports. Exports rose by 5.5% at current prices (5.5% at constant prices), while imports fell by 4.5% (-0.9% at constant prices).
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