Drop recorded in Greece’s current account deficit

Greece posted a 5.2-billion-euro decrease in the current and capital account deficit in the first quarter of 2023 compared to the first quarter of 2022, a development related to the significant growth in the balance of secondary incomes, i.e. increased collection of European funds, but also to the reduction of the trade deficit (improvement of the balance of goods) due to a greater increase in exports than imports.

According to a Bank of Greece report on Monday, in March 2023 the current account deficit decreased by €117.4 million compared to March 2022 and amounted to €2.4 billion.

The decrease in the goods balance deficit was thanks to the increase in exports, which was greater than the increase in imports.

Exports increased by 6.1% at current prices and imports increased by 2.9%.

Specifically, exports of non-fuel goods increased by 13.9% at current prices and imports of non-fuel goods increased by 1.1%.