Greece’s current account deficit widened to 15.1 billion euros in 2024, marking an increase of 1.2 billion euros compared to 2023, according to data released from the Bank of Greece. The deficit expanded as exports declined while imports increased.
At current prices, exports fell by 2.8% in 2024 (-2.4% in constant prices), while imports rose by 1.5% (2.8% in constant prices). Excluding fuel, goods exports grew by 1.0% at current prices, whereas imports increased by 3.9% (-1.2% and 4.0% in constant prices, respectively).
The widening current account deficit was primarily driven by a deterioration in the goods balance and, to a lesser extent, the primary income balance. However, this was partially offset by improvements in the services and secondary income balances.
The surplus in the services balance expanded, mainly due to improvements in the travel balance and, to a lesser extent, other services. However, this was partially offset by a decline in the transport balance. Compared to 2023, tourist arrivals increased by 9.8%, while related revenues rose by 5.4%.
The primary income balance deficit widened due to higher net payments for other primary income. Meanwhile, the secondary income balance recorded a significant surplus compared to 2023, reflecting higher net receipts in sectors outside the general government, despite a shift from net receipts to net payments in the general government sector.
Additionally, the capital account posted a small deficit of 21.0 million euros, reversing the surplus recorded in 2023, mainly due to a decline in net receipts in the general government sector.
Foreign Direct Investment in 2024
In 2024, direct investment flows recorded 1.7 billion euros in Greek residents’ claims on foreign entities. Meanwhile, liabilities of Greek residents to foreign investors—representing direct foreign investments in Greece—amounted to 6 billion euros.
