Balance of Payments: August 2026
21/10/2026 - Press Releases
- In August 2026, the current account surplus increased year on year, mainly owing to an improvement in the primary income balance and, to a lesser extent, the services balance, partly offset by a deterioration in the goods and secondary income balances.
- In January-August 2026, the current account deficit increased year on year owing to a deterioration in the secondary income balance, but this increase was to some extent offset by improvements primarily in the services balance and secondarily in the goods and primary income balances.
Current account
In August 2026, the current account surplus increased by €533.0 million year on year and stood at €1.7 billion, despite a small deterioration in the combined goods and services balance.
The goods deficit widened, as imports increased more than exports in absolute terms. At current prices, exports of goods rose by 27.1% (+4.2% at constant prices), while imports of goods increased by 18.8% (+6.6% at constant prices). In particular, non-oil goods exports at current prices rose by 14.8% (+5.7% at constant prices) and the corresponding imports by 4.4% (+2.2% at constant prices).
The services surplus recorded a small increase, mainly owing to an improvement in the balance of travel services and, to a lesser extent, the other services balance, partly offset by a deterioration in the transport balance. Compared with August 2025, non-residents’ arrivals rose by 13.4% and the relevant receipts by 6.5%.
The primary income deficit narrowed significantly year on year, mainly reflecting an increase in net receipts from other primary income. The secondary income deficit widened compared with August 2025, owing to higher net payments mainly in the general government sector and, to a lesser extent, in the other sectors of the economy excluding general government.
In January-August 2026, the current account deficit increased by €2.4 billion year on year and stood at €8.9 billion. Nevertheless, the combined goods and services balance improved.
The goods deficit narrowed, as the increase in exports exceeded that in imports. At current prices, exports of goods rose by 17.3% (+4.9% at constant prices) and imports of goods by 9.3% (+3.1% at constant prices). In particular, non-oil goods exports at current prices rose by 9.6% and the corresponding imports by 4.1% (+4.2% and +2.7% at constant prices, respectively).
The services surplus widened, owing to an improvement in the balance of travel services, which was to some extent offset by a deterioration in the transport and other services balances. Compared with the same period of 2025, non-residents’ arrivals increased by 10.0% and the relevant receipts by 9.4%.
The primary income deficit narrowed year on year, mainly reflecting a decline in net interest, dividend and profit payments, partly offset by a decrease in net receipts from other primary income. The secondary income balance recorded a deficit, compared with a surplus in the same period of 2025, mainly owing to a decline in net receipts in the other sectors of the economy excluding general government and, to a lesser extent, an increase in net payments in the general government sector.
Capital account
In August 2026, the capital account showed a surplus of €48.0 million, compared with a deficit in the same month of 2025, reflecting a shift from net payments to net receipts in the other sectors of the economy excluding general government.
In January-August 2026, the capital account surplus decreased year on year, owing to lower net receipts in the general government sector, despite a decline in net payments in the other sectors of the economy excluding general government.
Combined current and capital account
In August 2026, the surplus of the combined current and capital account (corresponding to the economy’s external financing requirements) more than doubled year on year and stood at €1.8 billion.
In January-August 2026, the deficit of the combined current and capital account increased year on year and stood at €8.5 billion.
Financial account
In August 2026, direct investment showed a €231.8 million net flow under residents’ external assets and a €301.3 million net flow under residents’ external liabilities, representing non-residents’ direct investment in Greece.
Under portfolio investment, an increase in residents’ external assets mainly reflected an €882.0 million rise in residents’ holdings of foreign bonds and Treasury bills and, to a lesser extent, a €304.9 million increase in their holdings of foreign equities. An increase in residents’ liabilities was driven by a €387.0 million rise in non-residents’ holdings of Greek bonds and Treasury bills and a €372.0 million increase in their holdings of Greek equities.
Under other investment, residents’ external assets increased, mainly reflecting a €1.3 billion rise in residents’ deposit and repo holdings abroad and, to a lesser extent, both a €534.0 million statistical adjustment associated with the issuance of banknotes and a €530.7 million rise in loans extended to non-residents by domestic financial institutions. An increase in residents’ liabilities was driven mainly by an €893.0 million rise in non-residents’ deposit and repo holdings in Greece (including the TARGET account balance) and a €534.0 million statistical adjustment associated with the issuance of banknotes, partly offset by a €440.1 million decline in loans granted to residents by foreign financial institutions.
In January-August 2026, direct investment saw net flows of €2.4 billion under residents’ external assets and net flows of €7.9 billion under residents’ external liabilities.
Under portfolio investment, an increase in residents’ external assets mainly stemmed from a €2.2 billion increase in residents’ holdings of foreign equities and, to a lesser extent, a €1.3 billion rise in their holdings of foreign bonds and Treasury bills. An increase in residents’ liabilities was primarily driven by a €9.1 billion rise in non-residents’ holdings of Greek bonds and Treasury bills, as well as a €3.4 billion rise in their holdings of Greek equities.
Under other investment, a rise in residents’ external assets reflected a €3.5 billion increase in loans extended to non-residents by domestic financial institutions and a €3.4 billion statistical adjustment for the issuance of banknotes. A decline in residents’ liabilities was mainly associated with a €9.5 billion decrease in loans granted to residents by foreign financial institutions, largely offset by a €5.4 billion increase in non-residents’ deposit and repo holdings in Greece (including the TARGET account balance) and, to a lesser extent, by a €3.4 billion statistical adjustment related to the issuance of banknotes.
At end-August 2026, Greece’s reserve assets stood at €20.6 billion, against €17.4 billion at end-August 2025.
Note: Balance of Payments data for September 2026 will be released on 20 November 2026.