Receipts from tourism increased 12.5% and reached 12,1 billion euros in the seven-month period from January-July 2025, according to balance of payments figures for July 2025 released by the Bank of Greece on Friday.
Combined with an increase in exports, this led to a decrease of the current account deficit by 1.4 billion euros year-on-year to stand at 6.7 billion euros.
The goods deficit shrank as imports fell by more than exports in absolute terms. At current prices, exports of goods decreased by 4.9% (+ 0.3% at constant prices), as did imports of goods, by 3.6% (-2.1% at constant prices). Non-oil goods exports at current prices increased by 4.5%, while the corresponding imports rose by 3.4% (7.0% and 2.7% at constant prices, respectively).
At current prices, exports of goods decreased by 4.9% (+ 0.3% at constant prices), as did imports of goods, by 3.6% (-2.1% at constant prices). Non-oil goods exports at current prices increased by 4.5%, while the corresponding imports rose by 3.4% (7.0% and 2.7% at constant prices, respectively).
The surplus of the services balance widened, on account of an improvement in the travel balance, which was roughly half offset by a deterioration in the transport balance. Non-residents’ arrivals increased by 2.6% year-on-year and the relevant receipts rose by 12.5%.
The primary income account deficit fell year-on-year, mainly driven by lower net interest, dividend and profit payments. The secondary income surplus grew compared with the corresponding 2024 period, due to a fall in general government net payments, which was significantly offset by weaker net receipts in the other sectors of the economy excluding general government.
The deficit of the combined current and capital account (which corresponds to the economy’s needs for financing from abroad) contracted year-on-year to 5.4 billion euros.
The category of direct investment showed a 2.3-billion-euro net flow under residents’ external assets and a 3.2-billion-euro net flow under residents’ external liabilities, representing non-residents’ direct investment in Greece.
Under portfolio investment, a decrease in residents’ external assets was due to a 3.5-billion-euro drop in residents’ holdings of foreign bonds and Treasury bills, which to a certain extent was offset by a 1.8-billion-euro increase in residents’ holdings of foreign equities. A rise in their liabilities was mostly driven by a 7.9-billion-euro increase in non-residents’ holdings of Greek bonds and Treasury bills and by a 1.6-billion-euro rise in non-residents’ holdings of Greek equities.
PS impressive revenues, indeed, some of this money can be used by local mayors to fix their sewage systems and cope with problems caused by over-tourism, before the sh*t literally hit the fan.
