This development is primarily attributed to the reduction of the goods balance deficit, as the decline in imports was stronger than that of exports. In current prices, goods exports decreased by 3.0%, while imports fell by 4.6%. At constant prices, however, exports recorded an increase of 1.5%, while imports declined by 3.2%.
The performance of goods exports excluding fuels was particularly positive, rising 2.4% in current prices, while corresponding imports increased 1.8%. At constant prices, exports excluding fuels recorded a 4.9% increase.
Tourism: A Key Support Factor
The services balance surplus widened further, mainly due to the strong performance of the tourism sector. Despite deteriorations in the transport and other services balances, the travel services balance improved significantly. On an annual basis, non-resident tourist arrivals increased by 4.6%, while tourism receipts grew at a faster pace, by 8.9%.
As a result of these developments, the deficit of the overall current and capital account balance—which reflects the economy’s financing needs from abroad—narrowed to €8.5 billion, down from higher levels in 2024.
Strong Inflows of Foreign Direct Investment (FDI)
In the financial transactions account, foreign direct investment showed a particularly positive performance. Residents’ claims on non-residents amounted to net inflows of €5.0 billion, while liabilities—representing foreign direct investments in Greece—stood at €11.0 billion, confirming strong investment interest in the Greek economy.
In portfolio investments, the increase in residents’ claims on non-residents is mainly attributable to equity placements of €5.3 billion in foreign companies, which were largely offset by a €4.0 billion reduction in holdings of bonds and bills issued abroad. On the other hand, liabilities increased significantly, primarily reflecting a €13.7 billion rise in non-resident holdings of Greek bonds and bills.
