The current account deficit recorded a slight uptick of 255.3 million euros in Q1 of 2024 amounting to 4.2 billion euros compared to the same period in 2023, according to Tuesday’s Bank of Greece (BoG) press release.

Exports were down by 10.7% in current prices with imports down by 1.9%. Excluding fuel exported goods registered a 9.0% drop, while imports saw an increase of 3.0%.

In March 2024, exports fell by 11.4% in current prices (down 14.9% in constant prices), while imports decreased by 7.4% (down 5.3% in constant prices). Specifically, exports of goods excluding fuels dropped by 16.4% in current prices (down 18.8% in constant prices), and imports of non-fuel goods declined by 2.0% (down 1.2% in constant prices).

As a result, the current account deficit increased by 296.8 million euros compared to March 2023, reaching 2.7 billion euros.

According to data, the goods balance deficit saw a marginal increase, as the reduction in exports was almost entirely offset by the decrease in imports.

The services balance surplus saw a slight decrease due to net payments in other services, which was partially offset by improvements in the transport and travel balances. Compared to March 2023, non-resident traveler arrivals increased by 31.2% and related receipts rose by 34.2%.

The primary income balance deficit narrowed compared to the same month in 2023, mainly reflecting an increase in net receipts from other primary income and a secondary reduction in net payments for interest, dividends, and profits. The secondary income balance posted a deficit, compared to a surplus in March 2023, due to net payments in the general government sector.

A small decrease in the services surplus is attributable to a shift from net receipts to net payments in the other services balance, which was partly offset by an improvement in the transport and travel balances. Compared with March 2023, non-residents’ arrivals rose by 31.2% and the relevant receipts grew by 34.2%.

The deficit of the primary income account contracted year-on-year, reflecting chiefly an increase in net receipts from other primary income and secondarily a decrease in net interest, dividend and profit payments. The secondary income account recorded a deficit, against a surplus in March 2023, as net payments were recorded in general government, instead of net receipts.