Balance of Payments: January 2020
20/03/2020 - Press Releases
Current account
In January 2020, the current account showed a deficit of €1.3 billion, up by €108 million year-on-year, due to a deterioration in all balance of payments components, excluding the balance of goods.
The deficit of the balance of goods decreased, as exports, at current prices, grew by 13.1%, faster than imports (2.4%). At constant prices, total exports of goods rose by 8.5%, while non-oil goods exports increased by 13.5%.
The surplus of the services balance decreased, due to a deterioration in the transport (mainly sea transport) and other services balances. The travel balance improved, as receipts increased by 24.4% and arrivals by 19.7%.
Lastly, a deterioration of the primary and secondary income accounts is mainly attributable to a drop in net receipts from other primary income and to a deterioration in the general government balance, respectively.
Capital account
In January 2020, the capital account registered a surplus of €33 million, down by €227 million year-on-year, mainly due to a decrease in general government net receipts.
Combined current and capital account
In January 2020, the combined current and capital account (corresponding to the economy’s external financing requirements) showed a deficit of €1.3 billion, up by €335 million year-on-year.
Financial account
In January 2020, under direct investment, residents' external liabilities (non-residents' direct investment in Greece) increased by €303 million.
Under portfolio investment, a decrease in residents’ external liabilities is mainly due to a decline of €805 million in non-residents’ holdings of Greek government bonds and Treasury bills.
Under other investment, an increase in residents' external assets reflects a rise of €657 million in residents' deposit and repo holdings abroad and the statistical adjustment (€737 million) related to holdings of euro banknotes. An increase in external liabilities mainly reflects a rise of €3.2 billion in non-residents’ deposit and repo holdings in Greece (the TARGET account included).
At end-January 2020, Greece’s reserve assets stood at €7.6 billion, compared with €6.6 billion at end-January 2019.
Note: Balance of payments data for February 2020 will be released on 21 April 2020.