BoG: Feb. Current Account Deficit up by 1.8bln

In February 2024, the current account deficit recorded an increase of 1.8 billion euros year-on-year and stood at 3.2 billion, according to data released by the Bank of Greece (BoG).

According to the country’s central bank, the deficit of the balance of goods widened, as exports decreased and imports increased. At current prices, exports dropped by 10.3% (‑10.7% at constant prices) and imports grew by 5.7% (9.4% at constant prices).

In January-February 2024, the current account deficit fell by 41.5 million euros year-on-year and stood at 1.5 billion euros. The goods deficit grew, reflecting a drop in exports and an increase in imports. At current prices, exports decreased by 10.3% (‑17.6% at constant prices) and imports grew by 1.1% (1.2% at constant prices).

In February 2024, the capital account showed a deficit, against a surplus in the corresponding month of 2023, and stood at 149.5 million euros, reflecting net payments, instead of net receipts, in the other sectors of the economy excluding general government, and lower net receipts in the general government.

In January-February 2024, direct investment showed a 284.5 million euros flow under residents’ external assets and an 856.1 million euros flow under residents’ external liabilities, representing non‑residents’ direct investment in Greece.

At the end of February 2024, Greece’s reserve assets stood at 12.4 billion euros, compared with 11.8 billion euros at the end of February 2023.