Greece Records Smaller Current Account Deficit in September
Greece's current account deficit saw a notable reduction in September 2025, falling to €408.8 million. This figure represents a decrease from the €486.0 million deficit recorded in the same month of the previous year, September 2024. The improvement is primarily attributed to an enhanced balance of goods and lower net payments on primary income, according to data released by the Bank of Greece.
Key Drivers: Goods Balance and Primary Income
The shrinking deficit was largely propelled by a significant improvement in the balance of goods. The goods deficit narrowed to €2.7 billion in September 2025, down from €3.1 billion in September 2024. This positive shift was a result of a 2.6% rise in exports of goods and a 4.0% decline in imports of goods at current prices.
Concurrently, the primary income account also contributed to the overall improvement. The primary income shortfall decreased to €0.6 billion from €0.8 billion year-on-year, reflecting reduced net interest, dividend, and profit payments.
Services Surplus Contracts Despite Increased Arrivals
Despite these positive developments, the services balance experienced a contraction in its surplus, moderating to €3.2 billion from €3.6 billion in September 2024. This was mainly due to a decrease in travel receipts, which fell by 3.6% to €3,421.3 million. This decline occurred even as non-resident arrivals in Greece increased by 3.6% compared to September 2024.
Furthermore, the secondary income account deficit expanded, reaching €0.2 billion from €0.1 billion in September 2024, driven by higher net payments across all sectors.
Year-to-Date Performance
For the broader January-September 2025 period, Greece's current account deficit showed a substantial year-on-year reduction of €2.2 billion, settling at €7.0 billion. This indicates a sustained trend of improvement in the country's external balance over the first nine months of the year.
6 Comments
Fuerza
Still a deficit, folks. Don't pop the champagne yet.
Manolo Noriega
Exports up, imports down. That's the formula for success!
Ongania
Good news for the Greek economy! A positive step forward.
Manolo Noriega
The secondary income deficit expanded. Conveniently overlooked.
Fuerza
While the improvement in the goods balance is a strong indicator of economic health, the contraction of the services surplus highlights a potential vulnerability in Greece's vital tourism sector that needs close monitoring.
ZmeeLove
The reduction in the deficit is a clear step forward, demonstrating some success in economic management. However, the paradox of increased tourist numbers yielding less revenue indicates a deeper issue within the services economy.