The Bank of Greece published balance of payments data showing that Greece’s current account deficit widened year-on-year in March 2025 and in the first quarter of 2025, mainly reflecting weaker goods and services balances and a larger secondary income deficit, partly offset by an improvement in primary income. In March 2025, the current account deficit rose by EUR 496.7 million to EUR 3.0 billion. The goods deficit widened as exports fell (down 8.9% at current prices) and imports increased (up 2.6%), while the services surplus declined due to lower transport and travel surpluses, despite higher non-resident arrivals (up 5.4%) and receipts (up 5.1%). The primary income deficit almost halved, while the secondary income deficit increased due to higher net payments by other sectors excluding general government. Over Q1 2025, the current account deficit increased by EUR 707.8 million to EUR 4.5 billion; the combined current and capital account deficit fell year-on-year to EUR 4.0 billion, and reserve assets stood at EUR 15.7 billion at end-March 2025 (EUR 13.0 billion a year earlier). The Bank of Greece noted that balance of payments data for April 2025 will be released on 20 June 2025.
Bank of Greece 2025-05-21
Bank of Greece reports wider current account deficit in March and Q1 2025 as goods and services balances deteriorate
The Bank of Greece reported a widening of Greece's current account deficit in March 2025 and Q1 2025, driven by weaker goods and services balances and a larger secondary income deficit, partially offset by improved primary income. In March, the deficit increased by EUR 496.7 million to EUR 3.0 billion, with exports down 8.9% and imports up 2.6%. Reserve assets rose to EUR 15.7 billion at the end of March 2025.