Balance of Payments: July 2025
19/09/2025 - Press Releases
- In July 2025, the current account surplus grew year-on-year owing to an improvement in the services balance and the primary income account, while the balance of goods and the secondary income account deteriorated.
- In January-July 2025, the current account deficit narrowed year-on-year, due to an improvement in all sub-accounts – mainly in the primary income, services and goods accounts.
Current account
In July 2025, the current account surplus more than doubled year-on-year, rising by €728.5 million to €938.4 million.
The goods deficit increased, reflecting a larger decline in exports than imports. At current prices, exports of goods fell by 5.2% (+ 0.6% at constant prices), as did imports of goods, by 2.2% (-1.2% at constant prices). Non-oil exports of goods at current prices increased by 5.8% (9.2% at constant prices), whereas the corresponding imports rose by 2.1% (1.8% at constant prices).
The surplus of the services balance expanded on account of an improvement in the travel balance, while the transport and the other services balances deteriorated. Compared with July 2024, non-residents’ arrivals grew by 6.4% and the relevant receipts rose by 15.0%.
The deficit of the primary income account fell by about half year-on-year, reflecting lower net interest, dividend and profit payments. The deficit of the secondary income account deteriorated compared with July 2024, owing to higher net payments in all sectors of the economy.
In January-July 2025, the current account deficit decreased by €1.4 billion year-on-year to stand at €6.7 billion.
The goods deficit shrank as imports fell by more than exports in absolute terms. At current prices, exports of goods decreased by 4.9% (+ 0.3% at constant prices), as did imports of goods, by 3.6% (-2.1% at constant prices). Non-oil goods exports at current prices increased by 4.5%, while the corresponding imports rose by 3.4% (7.0% and 2.7% at constant prices, respectively).
The surplus of the services balance widened, on account of an improvement in the travel balance, which was roughly half offset by a deterioration in the transport balance. Non-residents’ arrivals increased by 2.6% year-on-year and the relevant receipts rose by 12.5%.
The primary income account deficit fell year-on-year, mainly driven by lower net interest, dividend and profit payments. The secondary income surplus grew compared with the corresponding 2024 period, due to a fall in general government net payments, which was significantly offset by weaker net receipts in the other sectors of the economy excluding general government.
Capital account
In July 2025, the capital account surplus increased year-on-year to €84.5 million, reflecting higher net receipts in the other sectors of the economy excluding general government.
In January-July 2025, the capital account showed a surplus of €1.3 billion, against a deficit in the same period of 2024, mainly on account of higher general government net receipts and lower net payments to the other sectors of the economy excluding general government.
Combined current and capital account
In July 2025, the surplus of the combined current and capital account (corresponding to the economy’s external financing requirements) increased year-on-year to €1.0 billion.
In January-July 2025, the deficit of the combined current and capital account contracted year-on-year to €5.4 billion.
Financial account
In July 2025, direct investment saw net flows of €360.4 million under residents’ external assets and net flows of €431.4 million under residents’ external liabilities.
Under portfolio investment, a decrease in residents’ external assets mainly reflected a drop of €1.5 billion in residents’ holdings of foreign bonds and Treasury bills, which was partly offset by a rise in residents’ holdings of foreign equities. An increase in residents’ external liabilities was mainly attributable to a €471.0 million increase in non-residents’ holdings of Greek bonds and Treasury bills and to a €171.0 million rise in non-residents’ holdings of Greek equities.
Under other investment, an increase in residents’ external assets was due to a €678.0 million statistical adjustment for the issuance of banknotes, to a €412.5 million rise in loans extended to non-residents by domestic financial institutions and to a €410.1 million increase in residents’ deposit and repo holdings abroad. A fall in residents’ external liabilities was mainly driven by decreases of €1.7 billion in non-residents’ deposit and repo holdings in Greece and of €631.9 million in residents’ outstanding debt to non-residents, which were partly offset by a €678.0 million statistical adjustment related to the issuance of banknotes.
In January-July 2025, direct investment showed a €2.3 billion net flow under residents’ external assets and a €3.2 billion net flow under residents’ external liabilities, representing non-residents’ direct investment in Greece.
Under portfolio investment, a decrease in residents’ external assets was due to a €3.5 billion drop in residents’ holdings of foreign bonds and Treasury bills, which to a certain extent was offset by a €1.8 billion increase in residents’ holdings of foreign equities. A rise in their liabilities was mostly driven by a €7.9 billion increase in non-residents’ holdings of Greek bonds and Treasury bills and by a €1.6 billion rise in non-residents’ holdings of Greek equities.
Under other investment, an increase in residents’ external assets was mainly due to a €3.6 billion statistical adjustment for the issuance of banknotes, to a €602.0 million rise in loans extended to non-residents and, to a lesser extent, to a €128.5 million increase in residents’ deposit and repo holdings abroad. A decrease in residents’ liabilities was associated with a decline of €6.6 billion in non-residents’ deposit and repo holdings in Greece (the TARGET account included) and, to a lesser extent, with a fall of €566.9 million in residents’ outstanding debt to non-residents, which were somewhat offset by the €3.6 billion statistical adjustment related to the issuance of banknotes.
At end-July 2025, Greece’s reserve assets stood at €15.8 billion, compared with €13.5 billion at end-July 2024.
Note: Balance of payments data for August 2025 will be released on 21 October 2025.