Current account deficit topped 20 bln euros

Greece’s current account deficit increased by 7.9 billion euros in 2022 and stood at €20.1 billion, the Bank of Greece reported on Monday.

The central bank said that in 2022, the current account deficit increased year‑on‑year, chiefly owing to a worsening of the balance of goods, as well as of the primary and the secondary income account, which was offset to a degree by an improvement in the balance of services.

In December, the current account deficit recorded an increase of €385.9 million year‑on‑year and stood at €2.7 billion. The current account deficit increased year‑on‑year, mainly due to a deterioration of the secondary income account and, to a lesser extent, the balance of services and the primary income account, which was partly offset by an improvement in the balance of goods.

A drop in the deficit of the balance of goods is accounted for by a larger increase in exports than in imports. Exports grew by 26.5% at current prices (6.8% at constant prices) and imports rose by 9.2% at current prices (0.2% at constant prices). Specifically, non‑oil exports of goods increased by 17.4% at current prices (4% at constant prices) and non‑oil imports of goods by 3.4% at current prices (-1.9% at constant prices).

A decrease in the services surplus is mainly attributable to a deterioration of the transport balance, as well as a slight worsening of the travel and other services’ balances.