According to data from the Bank of Greece, travel receipts reached a historic record of €12.2 billion in the January–July period. In July alone, travel receipts recorded an unexpected record of over €4.5 billion.

Overall, the surplus in the services balance widened due to the improvement in the travel services balance, while the balances of transport and other services deteriorated. Compared to July 2024, non-resident traveler arrivals increased by 6.4% and corresponding receipts by 15.0%.

In July 2025, the current account surplus more than doubled (an increase of €728.5 million) compared with the same month in 2024, reaching €938.4 million.

The goods balance deficit increased, as the decline in exports exceeded the decline in imports. At current prices, goods exports fell by 5.2% (+0.6% at constant prices), while goods imports decreased by 2.2% (-1.2% at constant prices). Exports of goods excluding fuels rose by 5.8% at current prices (+9.2% at constant prices), while imports of goods excluding fuels increased by 2.1% (+1.8% at constant prices).

The primary income deficit was reduced by about half compared with July 2024, reflecting lower net payments for interest, dividends, and profits. The secondary income balance deficit worsened compared with July 2024, as a result of increased net payments across all sectors of the economy.

January–July 2025 period

The current account deficit decreased by €1.4 billion compared with the same period in 2024, amounting to €6.7 billion.

The goods balance deficit narrowed, as the reduction in imports exceeded that of exports in absolute terms. At current prices, goods exports decreased by 4.9% (+0.3% at constant prices), while goods imports fell by 3.6% (-2.1% at constant prices). At current prices, exports of goods excluding fuels rose by 4.5%, while the corresponding imports increased by 3.4% (+7.0% and +2.7% at constant prices, respectively).

The services balance surplus widened due to the improvement in the travel services balance, which was offset by about half from the deterioration in the transport balance. Compared with January–July 2024, non-resident traveller arrivals increased by 2.6% and related receipts by 12.5%.

The primary income deficit decreased compared with the same period in 2024, mainly due to lower net payments for interest, dividends, and profits. The secondary income balance surplus rose against the same period in 2024, due to lower net payments by the general government, partly offset by lower net receipts in other sectors of the economy outside the general government.

Capital Account

In July 2025, the capital account surplus increased compared with the same month in 2024, reaching €84.5 million, reflecting higher net receipts in other sectors of the economy outside the general government.

In January–July 2025, the capital account recorded a surplus of €1.3 billion, compared with a deficit in the same period of 2024, mainly due to higher net receipts by the general government and lower net payments in other sectors of the economy.

Overall Current and Capital Account

In July 2025, the overall current and capital account surplus (which corresponds to the economy’s external financing needs) increased compared with the same month in 2024, reaching €1.0 billion.

In January–July 2025, the overall current and capital account deficit narrowed compared with the same period in 2024, amounting to €5.4 billion.

Financial Account

In July 2025, in the category of direct investment, residents’ external assets recorded net flows of €360.4 million, while residents’ external liabilities recorded net flows of €431.4 million.

In portfolio investment, the decrease in residents’ external assets mainly reflects a decline of €1.5 billion in their holdings of foreign bonds and treasury bills, partly offset by an increase in their holdings of non-resident company shares. The increase in liabilities mainly reflects higher non-resident investment in Greek bonds and treasury bills (+€471.0 million), as well as in domestic company shares (+€171.0 million).

In the category of other investment, residents’ external assets rose due to a statistical adjustment related to banknote issuance (+€678.0 million), an increase of €412.5 million in loans granted to non-residents by domestic financial institutions, and a €410.1 million rise in residents’ deposits and repos abroad. The decrease in liabilities mainly reflects a decline of €1.7 billion in non-resident placements in deposits and repos in Greece and a €631.9 million drop in loan obligations to non-residents, partly offset by the statistical adjustment related to banknote issuance (+€678.0 million).

In January–July 2025, in direct investment, residents’ external assets recorded net flows of €2.3 billion, while residents’ external liabilities (corresponding to non-resident direct investment in Greece) recorded net flows of €3.2 billion.

In portfolio investment, the decrease in residents’ external assets reflects a decline of €3.5 billion in their holdings of foreign bonds and treasury bills, partly offset by a €1.8 billion increase in their holdings of non-resident company shares. The increase in liabilities mainly reflects higher non-resident investment in Greek bonds and treasury bills (+€7.9 billion), as well as in domestic company shares (+€1.6 billion).

In other investment, residents’ external assets rose mainly due to the statistical adjustment for banknote issuance (+€3.6 billion), a €602.0 million increase in loans granted to non-residents, and, to a lesser extent, a €128.5 million rise in residents’ deposits and repos abroad. The decline in liabilities reflects a €6.6 billion decrease in non-resident placements in deposits and repos in Greece (including the TARGET account) and, to a lesser extent, a €566.9 million fall in loan obligations to non-residents, partly offset by the statistical adjustment for banknote issuance (+€3.6 billion).

At the end of July 2025, the country’s foreign exchange reserves stood at €15.8 billion, compared with €13.5 billion at the end of July 2024.