Bank of Greece publishes February 2025 balance of payments with current account deficit down year on year to EUR 2.5 billion

The Bank of Greece released balance of payments data for February 2025, showing the current account deficit narrowed by EUR 573.2 million year on year to EUR 2.5 billion, driven by an improved goods balance and a smaller primary income deficit, partly offset by a weaker services balance and a larger secondary income deficit. Over January to February 2025, the current account deficit widened by EUR 211.1 million year on year to EUR 1.5 billion. In February, the goods deficit shrank as imports fell 7.6% and exports rose 0.9% at current prices, with non-oil exports up 1.1% and non-oil imports down 3.0%. The services surplus declined across sub-components, with non-residents’ arrivals down 0.8% and related receipts up 0.5%, while the primary income deficit almost halved and the secondary income deficit increased due to higher net payments by other sectors excluding general government. The capital account recorded a surplus of EUR 209.9 million and the combined current and capital account deficit fell to EUR 2.3 billion; in January to February, the capital account surplus was EUR 360.7 million and the combined deficit declined year on year to EUR 1.1 billion. Financial account data show, among other movements, increased non-residents’ deposit and repo holdings in Greece (including the TARGET account) and higher reserve assets of EUR 15.7 billion at end-February 2025 (EUR 12.4 billion a year earlier). Balance of payments data for March 2025 are scheduled for release on 21 May 2025.