Balance of Payments: February 2026
22/05/2026 - Press Releases
Important notice: Τhe Bank of Greece is republishing today the “Balance of Payments: February 2026” Press Release following the publication by the Hellenic Statistical Authority (ELSTAT) of data on Greece’s Commercial Transactions for the reference month February 2026, which were not available when it was initially issued (20/04/2026)[1].
- In February 2026, the current account deficit increased year on year, due to a deterioration in all sub-balances and mainly in the balance of goods, as well as the primary and secondary income accounts, while the balance of services recorded a marginal deterioration.
- In the January-February 2026 period, the current account deficit grew year on year, owing to a worsening mostly in the secondary income account and, to a lesser extent, in the primary income account and the balance of goods, which was partly offset by an improvement in the balance of services.
Current account
In February 2026, the current account deficit rose by €697.4 million year on year and stood at €3.3 billion.
The goods deficit widened, reflecting a rise in imports and a drop in exports. At current prices, exports dropped by 2.4% (0.3% at constant prices) and imports rose by 2.6% (4.7% at constant prices). Specifically, non-oil goods exports at current prices increased by 2.6% (0.2% at constant prices), while the corresponding imports rose by 10.0% (9.5% at constant prices).
The surplus of the services balance recorded a modest decrease, due to a deterioration in the surplus of the transport balance and to a shift of the other services balance from surplus to deficit, which were almost completely offset by a rise in the surplus of the travel balance. Compared with February 2025, non-residents’ arrivals and the relevant travel receipts rose by 44.5% and 83.2%, respectively.
The deficit of the primary income account nearly doubled year on- ear, almost exclusively on account of lower net receipts under other primary income. The deficit of the secondary income account widened, mainly due to higher general government net payments.
In January-February 2026, the current account deficit rose by €2.9 billion year on year and stood at €4.6 billion. The goods deficit widened due to a larger drop in exports than in imports. At current prices, exports dropped by 6.5% (3.2% at constant prices) and imports decreased by 2.6% (increase 0.3% at constant prices). Specifically, non-oil exports of goods at current prices shrank by 0.9%, while the corresponding imports grew by 2.4% (-3.0% and 1.8% at constant prices, respectively).
The surplus of the services balance increased, mainly due to an improvement in the travel balance, which was for the most part counterbalanced by a deterioration in the transport and the other services balances. Compared with January-February 2025, non-residents’ arrivals rose by 38.5% and the relevant travel receipts grew by 70.7%.
The primary income account registered a deficit, against a small surplus in January-February 2025, chiefly because net receipts from other primary income almost halved. The secondary income account surplus contracted during the same period, year on year, mainly as a result of lower net receipts in the other sectors of the economy excluding general government.
Capital account
In February 2026, the capital account posted a deficit of €106.8 million, compared with a surplus year on year, reflecting almost zero general government net receipts, despite lower net payments in the other sectors of the economy excluding general government.
In January-February 2026, the capital account recorded a deficit of €263.0 million, against a surplus in the corresponding period of 2025, resulting from almost zero general government net receipts and higher net payments in the other sectors of the economy excluding general government.
Combined current and capital account
In February 2026, the deficit of the combined current and capital account (corresponding to the economy’s external financing requirements) increased year on year and came to €3.4 billion.
In January-February 2026, the deficit of the combined current and capital account increased year on year to €4.9 billion.
Financial account
In February 2026, direct investment saw net flows of €600.7 million under residents’ external assets and net flows of €780.9 million under residents’ external liabilities.
Under portfolio investment, an increase in residents’ external assets is mainly attributable to a rise of €1.2 billion in residents’ holdings of foreign bonds and Treasury bills and, to a lesser extent, to a rise of €303.7 million in their holdings of foreign equities. An increase in their liabilities is primarily due to a €1.4 billion increase in non-residents’ holdings of Greek bonds and Treasury bills and secondarily to a €151.0 million rise in non-residents’ holdings of Greek equities.
Under other investment, residents’ external assets grew mainly due to a €3.4 billion rise in residents’ deposit and repo holdings abroad and, to a lesser extent, as a result of a €511.0 million statistical adjustment associated with the issuance of banknotes. An increase in residents’ external liabilities chiefly reflects a rise of €8.0 billion in non-residents’ deposit and repo holdings in Greece (including the TARGET account) and, to a lesser extent, a €511.0 million statistical adjustment associated with the issuance of banknotes, which were, to a certain degree, offset by a decline of €1.5 billion in their outstanding debt to non-residents.
In January-February 2026, direct investment showed a €1.1 billion flow under residents’ external assets and a €3.0 billion flow under residents’ external liabilities, representing non-residents’ direct investment in Greece.
Under portfolio investment, an increase in residents’ external assets is mostly attributable to a rise of €615.7 million in residents’ holdings of foreign equities and, to a lesser extent, to an increase of €186.0 million in residents’ holdings of foreign bonds and Treasury bills. A rise in residents’ external liabilities is mainly due to a €5.6 billion increase in non-residents’ holdings of Greek bonds and Treasury bills, which was partly offset by a €1.3 billion decrease in non-residents’ holdings of Greek equities.
Under other investment, an increase in residents’ external assets stems from a €3.2 billion rise in residents’ deposit and repo holdings abroad, a €1.1 billion increase in loans extended to non-residents and a €868.0 million statistical adjustment associated with the issuance of banknotes. A rise in residents’ external liabilities is mainly attributed to an increase of €4.8 billion in non-residents’ deposit and repo holdings in Greece (including the TARGET account) and secondarily to a €868.0 million statistical adjustment associated with the issuance of banknotes, which were offset, to some extent, by a decline of €2.0 billion in their outstanding debt to non-residents.
At end-February 2026, Greece’s reserve assets stood at €23.0 billion, compared with €15.7 billion at end-February 2025.
Note: Balance of payments data for March 2026 will be released on 22 May 2026.