Balance of Payments: April 2025
20/06/2025 - Press Releases
- In April 2025, the current account deficit decreased year-on-year, mainly due to an improvement in the balance of goods and, to a lesser extent, in the primary income account and the balance of services, while the secondary income account deteriorated.
- In January-April 2025, the current account deficit increased year‑on‑year, owing to a worsening in the secondary income account and the balance of services, which was partly offset by an improvement chiefly in the primary income account and, to a lesser extent, in the balance of goods.
Current account
In April 2025, the current account deficit dropped by €385.7 million year‑on‑year and stood at €2.1 billion.
The goods deficit narrowed, as imports fell more than exports in absolute terms. At current prices, exports fell by 14.1% (-6.6% at constant prices) and imports decreased by 11.5% (‑8.4% at constant prices). Specifically, non-oil goods exports at current prices fell marginally by 0.5% (up by 2.6% at constant prices), while the corresponding imports decreased by 2.9% (-3.4% at constant prices).
The services surplus increased due to an improvement in the travel balance and the other services balance, which was partly offset by a decrease in the transport surplus. Compared with April 2024, non-residents’ arrivals grew by 6.4% and the relevant receipts rose by 17.4%.
The deficit of the primary income account decreased substantially year‑on‑year, mainly on the back of net receipts against net payments of interest, dividend and profits and, to a lesser extent, higher net receipts from other primary income. The secondary income account deficit grew compared with April 2024, mainly because the other sectors of the economy excluding general government registered net payments instead of net receipts and, to a lesser extent, due to higher general government net payments.
In January-April 2025, the current account deficit rose by €322.1 million year‑on‑year and stood at €6.6 billion.
The goods deficit narrowed marginally, as exports and imports dropped almost equally. At current prices, exports fell by 5.4% (‑1.0% at constant prices) and imports decreased by 3.2% (-2.3% at constant prices). In particular, non-oil exports of goods at current prices grew by 3.0% and the corresponding imports increased by 1.4% (4.7% and 0.5% at constant prices, respectively).
The services surplus contracted, chiefly due to a deterioration in the transport balance and, to a lesser extent, a decrease in the other services surplus, which was offset to a degree by an improvement in the travel balance. Compared with the first four months of 2024, non-residents’ arrivals increased by 5.8% and the relevant receipts rose by 10.6%.
The primary income account registered a surplus, against a deficit in the corresponding period of 2024, due to a drop in net interest, dividend and profit payments, as well as an increase in net receipts from other primary income. The surplus of the secondary income account declined year-on-year, owing to lower net receipts in the other sectors of the economy excluding general government, as well as a rise in net payments in general government.
Capital account
In April 2025, the capital account deficit almost halved relative to April 2024 to stand at €53.3 million, reflecting lower net payments in the other sectors of the economy excluding general government.
In January-April 2025, the capital account recorded a surplus of €429.5 million, against a deficit in the corresponding period of 2024, as a result of both an increase in general government net receipts and a decrease in net payments in the other sectors of the economy excluding general government.
Combined current and capital account
In April 2025, the deficit of the combined current and capital account (corresponding to the economy’s external financing requirements) fell relative to April 2024 and stood at €2.2 billion.
In January-April 2025, the deficit of the combined current and capital account decreased year‑on‑year and came to €6.2 billion.
Financial account
In April 2025, direct investment saw net flows of €320.7 million under residents’ external assets and net flows of €465.0 million under residents’ external liabilities.
Under portfolio investment, a decrease in residents’ external assets is mainly due to a €1.2 billion decline in their holdings of foreign bonds and Treasury bills. An increase in their liabilities is chiefly due to a €576.0 million rise in non‑residents’ holdings of Greek bonds and Treasury bills.
Under other investment, a drop in residents’ external assets is primarily due to a €411.6 million decline in residents’ deposit and repo holdings abroad and, to a lesser extent, a €217.3 million decrease in loans extended to non-residents by domestic financial institutions, which were partly offset by a €260.0 million statistical adjustment associated with the issuance of banknotes. An increase in residents’ external liabilities is associated with a €260.0 million statistical adjustment with regard to the issuance of banknotes, which was offset, to a degree, by a €173.6 million decrease in residents’ outstanding debt to non‑residents.
In January-April 2025, direct investment showed a €1.5 billion net flow under residents’ external assets and a €1.7 billion net flow under residents’ external liabilities, representing non‑residents’ direct investment in Greece.
Under portfolio investment, a decrease in residents’ external assets is mainly due to a €2.6 billion drop in residents’ holdings of foreign bonds and Treasury bills, which was partly offset by a €842.0 million rise in residents’ holdings of foreign equities. An increase in their liabilities mainly reflects a €5.6 billion rise in non‑residents’ holdings of Greek bonds and Treasury bills.
Under other investment, an increase in residents’ external assets mainly reflects a €2.1 billion statistical adjustment related to the issuance of banknotes, which was offset to a degree by a €568.8 million decrease in residents’ deposit and repo holdings abroad. A drop in their liabilities is mainly associated with a €2.2 billion decrease in the outstanding debt to non‑residents and, to a lesser extent, a €1.7 billion decline in non‑residents’ deposit and repo holdings in Greece (the TARGET account included), which was partly offset by a €2.1 billion statistical adjustment related to the issuance of banknotes.
At end‑April 2025, Greece's reserve assets stood at €15.8 billion, compared with €13.4 billion at end‑April 2024.
Note: Balance of payments data for May 2025 will be released on 21 July 2025.