The Bank of Greece released balance of payments statistics for December 2024, showing the current account deficit widened year on year by EUR 684.2 million to EUR 3.6 billion. For full-year 2024, the current account deficit increased by EUR 1.2 billion to EUR 15.1 billion, while the combined current and capital account deficit (external financing requirements) rose by EUR 3.9 billion to EUR 15.1 billion. In December, the goods deficit narrowed as exports rose faster than imports, with goods exports up 7.6% at current prices (9.1% at constant prices) versus a 0.6% increase in imports (-0.1% at constant prices). The services surplus increased across sub-accounts, led by travel, with non-residents’ arrivals up 15.3% and receipts up 33.3% year on year. Offsetting factors included a wider primary income deficit due to higher net interest, dividend and profit payments, and a shift in the secondary income account to a deficit from a surplus a year earlier as general government moved to net payments; the release notes that December 2023 included a Recovery and Resilience Facility tranche recorded in secondary income and the capital account. For 2024, the goods deficit widened as exports fell 2.8% at current prices (-2.4% at constant prices) and imports rose 1.5% (2.8% at constant prices), while the services surplus expanded on stronger travel (arrivals up 9.8%, receipts up 5.4%) despite weaker transport. On the financing side, portfolio flows in December reflected a EUR 1.2 billion increase in non-residents’ holdings of Greek bonds and Treasury bills, while other investment liabilities rose mainly due to an EUR 8.9 billion increase in non-residents’ deposit and repo holdings in Greece (including the TARGET account). At end-December 2024, reserve assets stood at EUR 14.6 billion, up from EUR 12.3 billion a year earlier. The Bank of Greece indicated that balance of payments statistics for January 2025 will be released on 24 March 2025.
Bank of Greece 2025-02-20
Bank of Greece publishes balance of payments showing December 2024 current account deficit at EUR 3.6 billion and 2024 deficit at EUR 15.1 billion
The Bank of Greece reported a widening current account deficit for December 2024, increasing by EUR 684.2 million year-on-year to EUR 3.6 billion, and a full-year 2024 deficit rise of EUR 1.2 billion to EUR 15.1 billion. December saw a narrowed goods deficit due to faster export growth, while the services surplus increased, led by travel. Portfolio flows in December showed a EUR 1.2 billion rise in non-residents' holdings of Greek bonds and Treasury bills, with reserve assets at EUR 14.6 billion.