Balance of Payments: March 2026
22/05/2026 - Press Releases
- In March 2026, the current account deficit decreased year on year, due to improvements mostly in the goods balance and, to a lesser extent, in the services balance and the primary income account, while the secondary income account recorded a slight deterioration.
- In the first quarter of 2026, the current account deficit widened year on year, owing to a deterioration mostly in the secondary income account and, to a lesser extent, in the primary income account, which was partially offset by an improvement in the goods and services balances.
Current Account
In March 2026, the current account deficit decreased by €855.2 million year on year and stood at €2.3 billion.
The goods deficit narrowed, as exports increased more than imports. At current prices, exports grew by 26.7% (12.3% at constant prices) and imports grew by 7.5% (2.2% at constant prices). However, at current prices, non-oil goods exports increased by 11.1% (8.2% at constant prices), while the corresponding imports increased by 13.3% (12.6% at constant prices).
The services surplus recorded a significant rise, as the surplus in the travel balance more than doubled and the surplus in the transport balance rose slightly, while the balance of other services recorded a deficit against a surplus in March 2025. Compared with March 2025, non-resident tourist arrivals and the relevant travel receipts increased by 38.1% and 55.6%, respectively.
The deficit in the primary income account almost halved year on year, reflecting a decrease in net payments for interest, dividends and profits, which was largely offset by a decrease in net receipts from other primary income. The deficit in the secondary income account grew in March 2026, due to higher general government net payments, which were partially offset by lower net payments to the other sectors of the economy excluding general government.
In the first quarter of 2026, the current account deficit widened by €2.0 billion year on year and came to €7.0 billion. The goods deficit narrowed, reflecting a larger rise in exports than in imports. At current prices, exports increased by 4.3% (1.6% at constant prices) and imports recorded a small increase of 0.8% (unchanged at constant prices). Moreover, non-oil goods exports at current prices increased by 3.4% and the corresponding imports by 6.2% (1.0% and 5.6% at constant prices, respectively).
The services surplus widened, as the surplus in the travel balance more than doubled, but this was almost halved by a lower surplus in the transport balance and the balance of other services turning to a deficit from a surplus. Compared with the first quarter of 2025, non-resident tourist arrivals and the relevant travel receipts grew by 38.3% and 64.3%, respectively.
The deficit in the primary income account increased compared with the first quarter of 2025, due to lower net receipts from other primary income, which were largely offset by lower net payments for interest, dividends and profits. The surplus in the secondary income account narrowed in the first quarter of 2026 year on year, mainly due to lower net receipts in the other sectors of the economy excluding general government.
Capital Account
In March 2026, the capital account surplus increased year on year and stood at €132.9 million, reflecting net receipts, against net payments, in the other sectors of the economy excluding general government, which were almost entirely offset by almost zero net payments, against net receipts, in general government.
In the first quarter of 2026, the capital account showed a deficit, against a surplus in the first quarter of 2025, standing at €130.1 million, mainly due to almost zero net payments, against net receipts, in general government.
Combined current and capital account
In March 2026, the deficit in the combined current and capital account (corresponding to the economy’s external financing requirements) decreased year on year and came to €2.2 billion.
In the first quarter of 2026, the deficit in the combined current and capital account increased to €7.1 billion year on year.
Financial Account
In March 2026, direct investment saw net flows of €219.6 million under residents’ external assets and net flows of €600.9 million under residents’ external liabilities.
Under portfolio investment, the increase in residents’ external assets mainly reflects a €2.1 billion increase in residents’ holdings of foreign bonds and Treasury bills. The decrease in their external liabilities is chiefly due to a €1.7 billion decrease in non-residents’ holdings of Greek bonds and Treasury bills.
Under other investment, residents’ external assets dropped due to a contraction of €4.9 billion in residents’ deposits and repo holdings abroad, which was partly offset by a €339.3 million increase in loans granted by domestic financial institutions to non-residents as well as a €247.0 million statistical adjustment associated with the issuance of banknotes. The increase in residents’ external liabilities mainly reflects a €905.0 million rise in non‑residents’ deposit and repo holdings in Greece (including the TARGET account), and, to a lesser extent, a €247.0 million statistical adjustment associated with the issuance of banknotes.
In the first quarter of 2026, direct investment showed a €1.3 billion flow under residents’ external assets and a €3.6 billion flow under residents’ external liabilities, representing non‑residents’ direct investment in Greece.
Under portfolio investment, the increase in residents’ external assets is mostly attributable to a rise of €2.2 billion in residents’ holdings of foreign bonds and Treasury bills and, to a lesser extent, to a €686.2 million rise in residents’ holdings of non-resident equities. The increase in residents’ external liabilities reflects a rise of €3.9 billion in non‑residents’ holdings of Greek bonds and Treasury bills, which was partially offset by a decrease of €1.3 billion in non-residents’ holdings of Greek equities.
Under other investment, the rise in residents’ external assets stems primarily from a €1.5 billion increase in loans to non-residents by domestic financial institutions and secondarily from a €1.1 billion statistical adjustment associated with the issuance of banknotes, which were offset to some extent by a decrease of €1.7 billion in residents’ deposit and repo holdings abroad. The rise in residents’ external liabilities mainly reflects an increase of €5.7 billion in non‑residents’ deposit and repo holdings in Greece (including the TARGET account) and, to a lesser extent, a €1.1 billion statistical adjustment associated with the issuance of banknotes, which were offset to some extent by a decrease of €2.1 billion in outstanding debt to non‑residents.
At end-March 2026, Greece’s reserve assets stood at €21.4 billion, compared with €15.7 billion at end-March 2025.
Note: Balance of payments data for April 2026 will be released on 19 June 2026.