The Bank of Greece published balance of payments data for November 2024, showing the current account deficit at EUR 3.2 billion, down EUR 31.8 million year on year, while the January–November 2024 deficit widened by EUR 510.9 million to EUR 11.5 billion. The monthly improvement reflected a wider services surplus and stronger primary income, largely offset by a larger goods deficit. In November, the goods deficit increased as goods exports fell 5.8% at current prices and imports rose 2.3%, while non-oil exports still grew 2.5%. The services surplus widened mainly on travel, with non-residents’ arrivals up 23.6% and travel receipts up 44.7%, despite a deterioration in transport. For January–November, exports fell 3.6% and imports rose 1.5% at current prices, while travel arrivals increased 9.7% and receipts rose 4.9%; the secondary income account surplus more than doubled year on year. The capital account recorded a EUR 58.4 million surplus in November but a EUR 34.6 million deficit over January–November, and the combined current and capital account deficit stood at EUR 3.1 billion in November and EUR 11.6 billion over January–November. Reserve assets were EUR 14.6 billion at end-November 2024, up from EUR 12.3 billion a year earlier. The Bank of Greece indicated that balance of payments statistics for December 2024 will be released on 20 February 2025.
Bank of Greece 2025-01-20
Bank of Greece releases November 2024 balance of payments showing current account deficit at EUR 3.2bn and year-to-date shortfall widening to EUR 11.5bn
The Bank of Greece reported a November 2024 current account deficit of EUR 3.2 billion, a slight year-on-year improvement, while the January–November deficit widened to EUR 11.5 billion. The monthly improvement was driven by a wider services surplus and stronger primary income, despite a larger goods deficit. Reserve assets increased to EUR 14.6 billion by the end of November 2024.