Balance of Payments: August 2025
21/10/2025 - Press Releases
- In August 2025, the current account surplus increased year-on-year owing mainly to an improvement in the balance of goods and the primary income account and, to a lesser extent, in the services balance, while the secondary income account deteriorated.
- In January-August 2025, the current account deficit shrank year-on-year, reflecting improvements in all sub-accounts, mainly in the goods, primary income, and services accounts.
Current account
In August 2025, the current account surplus more than doubled year-on-year (up by €783.2 million) to €1.1 billion.
The goods deficit narrowed, reflecting a larger decline in imports than in exports. At current prices, exports of goods fell by 9.4% (-4.3% at constant prices), while imports of goods decreased by 12.8% (-11.3% at constant prices). Non-oil exports of goods at current prices fell by 5.0% (-1.2% at constant prices), while the corresponding imports dropped by 2.8% (-3.0% at constant prices).
The surplus of the services balance grew on account of an improvement in the travel balance, which was largely offset by a deterioration of the transport and the other services balances. Compared with August 2024, non-residents’ arrivals rose by 8.1% and the relevant receipts grew by 10.5%.
The deficit of the primary income account fell year-on-year, reflecting lower net interest, dividend and profit payments. The deficit of the secondary income account grew year-on-year, owing to higher net payments in the other sectors of the economy excluding general government.
In January-August 2025, the current account deficit fell by €2.1 billion year-on-year to stand at €6.6 billion.
The goods deficit shrank as imports fell by more than exports in absolute terms. At current prices, exports of goods decreased by 5.4% (-0.2% at constant prices), while imports of goods decreased by 4.6% (-3.1% at constant prices). Non-oil exports of goods at current prices grew by 3.4%, while the corresponding imports increased by 2.7% (6.1% and 2.1% at constant prices, respectively).
The surplus of the services balance grew on account of an improvement in the travel balance, more than half of which was offset by a deterioration in the transport and other services balances. Non-residents’ arrivals rose by 4.1% year-on-year and the relevant receipts grew by 12.0%.
The primary income account deficit fell year-on-year, mainly driven by lower net interest, dividend and profit payments. The secondary income account surplus increased slightly year-on-year, as a decrease was recorded in general government net payments, which was almost entirely offset by lower net receipts in the other sectors of the economy excluding general government.
Capital account
In August 2025, the capital account recorded a deficit of €653.5 million, against a surplus in August 2024, owing to a shift from net receipts to net payments in the other sectors of the economy excluding general government.
In January-August 2025, the capital account showed a surplus of €609.8 million, against a deficit in the same period of 2024, on account of higher general government net receipts.
Combined current and capital account
In August 2025, the surplus of the combined current and capital account (corresponding to the economy’s external financing requirements) increased year-on-year to €443.1 million.
In January-August 2025, the deficit of the combined current and capital account shrank year-on-year to €6.0 billion.
Financial account
In August 2025, direct investment saw net flows of €157.9 million under residents’ external assets and net flows of €4.8 billion under residents’ external liabilities, including the exchange of shares of Metlen Energy & Metals PLC for the acquisition of the common registered shares of Metlen Energy & Metals S.A.
Under portfolio investment, an increase in residents’ external assets mainly reflected a rise of €2.6 billion in residents’ holdings of foreign equities – due to a certain extent to the aforementioned exchange – and, to a lesser extent, an increase of €819.0 million in residents’ holdings of foreign bonds and Treasury bills. A drop in residents’ external liabilities was driven by a €1.9 billion decline in non-residents’ holdings of Greek equities, also due to the aforementioned exchange, which was partly offset by a €471.0 million increase in non-residents’ holdings of Greek bonds and Treasury bills.
Under other investment, a fall in residents’ external assets was mainly due to a €579.3 million drop in residents’ deposit and repo holdings abroad, and, to a lesser extent, to a €161.5 million decrease in the loans extended to non-residents by domestic financial institutions, which were largely offset by a €666.0 million statistical adjustment associated with the issuance of banknotes. An increase in residents’ external liabilities chiefly reflects a rise of €676.0 million in non-residents’ deposit and repo holdings in Greece and a €666.0 million statistical adjustment associated with the issuance of banknotes, which were partly offset by a €366.2 million decline in the outstanding debt to non-residents.
In January-August 2025, direct investment showed a €2.3 billion net flow under residents’ external assets and an €8.1 billion flow under residents’ external liabilities, representing non-residents’ direct investment in Greece.
Under portfolio investment, an increase in residents’ external assets is attributable to a €4.4 billion rise in residents’ holdings of foreign equities, which was almost by half offset by a €2.7 billion fall in residents’ holdings of foreign bonds and Treasury bills. A rise in residents’ external liabilities is mainly due to a €8.4 billion increase in non-residents’ holdings of Greek bonds and Treasury bills.
Under other investment, a rise in residents’ external assets was mainly due to a €4.3 billion statistical adjustment associated with the issuance of banknotes and, to a lesser extent, to a €440.5 million rise in loans extended to non-residents, which were partly offset by a €450.8 million drop in residents’ deposit and repo holdings abroad. A decrease in residents’ external liabilities was associated with a €5.9 billion decline in non-residents’ deposit and repo holdings in Greece (the TARGET account included), which was mostly offset by a €4.3 billion statistical adjustment associated with the issuance of banknotes.
At end-August 2025, Greece’s reserve assets stood at €17.4 billion, compared with €13.6 billion at end-August 2024.
Note 1: Balance of payments data for September 2025 will be released on 20 November 2025.
Note 2: Balance of Payments and International Investment Position data have been revised from 2013 onwards, following the implementation of EUROSTAT’s decision No 6577784/17.09.24, which requires the inclusion of the deferred interest on EFSF loans in the stock of debt.