Greece’s current account balance deteriorated during the January–April 2026 period, with the deficit increasing by €1.0 billion compared with the same period in 2025.

According to data from the Bank of Greece, the current account deficit widened to €8.3 billion, primarily reflecting an increase in the primary income deficit and a narrowing of the surplus in the secondary income balance. By contrast, the services balance surplus expanded, supported by strong tourism performance. Tourist arrivals increased by 27.1%, while travel receipts rose by 36.9% to €2.7 billion.

More specifically, the goods account deficit narrowed, as export growth outpaced that of imports. At current prices, exports increased by 12.0% (4.6% at constant prices), while imports rose by 3.6% (0.1% at constant prices).

Exports of goods excluding fuels increased by 5.3% at current prices, while the corresponding imports rose by 5.4%. At constant prices, exports and imports of goods excluding fuels increased by 2.2% and 4.5%, respectively.

The primary income balance deficit widened compared with the January–April 2025 period, mainly due to a nearly 50% decline in net receipts from other primary income. Meanwhile, the secondary income balance surplus narrowed, largely as a result of lower net receipts in sectors other than general government.

The capital account surplus also decreased compared with the first four months of 2025, amounting to €358.5 million.

As a result, the combined current and capital account balance—which reflects the economy’s external financing needs—recorded a larger deficit than in the corresponding period of 2025, reaching €8.0 billion.

In the direct investment category, residents’ claims on non-residents recorded net inflows of €1.5 billion, while residents’ liabilities to the rest of the world—corresponding to non-residents’ direct investment in Greece—recorded inflows of €4.4 billion.

In portfolio investment, the increase in residents’ claims on non-residents was mainly driven by a €2.3 billion rise in residents’ holdings of foreign bonds and notes, as well as a €892.3 million increase in investments in shares of non-resident companies. The increase in residents’ liabilities was primarily due to a €4.9 billion rise in non-residents’ investments in Greek bonds and notes, partly offset by a €965.0 million decline in non-residents’ holdings of shares in Greek companies.

In the “other investment” category, the increase in residents’ claims on non-residents was mainly attributable to a €1.8 billion rise in loans granted abroad and a €1.4 billion statistical adjustment related to banknote issuance. These increases were partly offset by a €1.9 billion decline in residents’ deposits and repos held abroad.

The increase in residents’ liabilities was primarily driven by a €5.3 billion rise in non-residents’ deposits and repos in Greece, including balances related to the TARGET system. A further €1.4 billion statistical adjustment related to banknote issuance also contributed to the increase. These developments were partly offset by a €2.1 billion reduction in loan liabilities to non-residents.