Greece Current Account Turns to Deficit

Greece’s current account recorded a deficit of €1.29 billion in January 2026, reversing a surplus of €0.87 billion in the same month last year. The shift was mainly driven by a narrowing in income balances, as the primary income surplus fell to €0.11 billion from €0.26 billion due to lower net receipts from other primary income, while the secondary income surplus dropped sharply to €1.09 billion from €3.27 billion amid weaker inflows from other sectors excluding general government. Meanwhile, the goods deficit edged down to €2.81 billion from €2.91 billion as imports declined more than exports, and the services surplus widened to €0.33 billion from €0.25 billion, supported by strong travel revenues.

Greece’s current account deficit widened to €3.86 billion in December 2025 from €3.73 billion in the corresponding month a year ago, marking the largest deficit recorded since November 2022. The goods account shortfall increased to €3.56 billion from €3.19 billion, as imports advanced by 6.6%, while exports rose by 2.6%. The services surplus also shrank to €0.42 billion from €0.49 billion in December 2024. In addition, the secondary income deficit expanded to €0.31 billion from €0.20 billion. Meanwhile, the primary income deficit decreased sharply to €0.41 billion from €0.83 billion, reflecting a rise in net receipts. For the full year, the country posted a current account deficit of €14.11 billion, compared with €18.61 billion recorded last year.

Greece’s current account deficit narrowed to €2.08 billion in November 2025, from €3.34 billion in the corresponding month a year ago. The secondary income account recorded a surplus of €0.57 billion in November 2025, shifting from a deficit of €0.23 billion a year earlier. At the same time, the goods account shortfall decreased to €2.78 billion from €3.23 billion, as exports rose by 1.5% and imports declined by 5.5%, while the services surplus also edged higher to €0.68 billion from €0.63 billion in November 2024 amid higher tourism revenues. In contrast, the primary income deficit rose to €0.54 billion from €0.52 billion in the previous year, reflecting a drop in net receipts. Over the January-November 2025 period, the country posted a current account deficit of €10.25 billion, compared with €13.21 billion recorded last year.