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Economy

BoG: The Current Account Payments Balance Deficit Widened in January-October 2022

December 21, 2022

ATHENS – The current account payments balance deficit in the January-October 2022 period rose by 6.3 billion euros year on year and stood at 13.6 billion euros, the Bank of Greece reported in figures released on Wednesday.

A rise in the deficit of the balance of goods is accounted for by a larger increase in imports than in exports. Exports grew by 39.5% at current prices (5.3% at constant prices) and imports increased by 46.4% at current prices (20.5% at constant prices). Specifically, non-oil exports and imports of goods grew, respectively, by 25.5% and 28.0% at current prices (8.5% and 19.2% at constant prices).

A rise in the surplus of the services balance is due to an improvement mainly in the travel balance, as well as in the transport and other services balances. Non-residents’ arrivals rose by 92.1% and the relevant receipts by 70.4% year on year, representing 88.9% and 97.4% of their respective levels in 2019. Net transport receipts increased by 13.7%.

The primary income account surplus decreased year on year, mainly due to lower net receipts of other primary income. The secondary income account registered a deficit, against a surplus in the corresponding period of 2021, reflecting net general government payments, against net receipts.

A rise in the deficit of the balance of goods is accounted for by a larger increase in imports than in exports. Exports grew by 39.5% at current prices (5.3% at constant prices) and imports increased by 46.4% at current prices (20.5% at constant prices). Specifically, non-oil exports and imports of goods grew, respectively, by 25.5% and 28.0% at current prices (8.5% and 19.2% at constant prices).

A rise in the surplus of the services balance is due to an improvement mainly in the travel balance, as well as in the transport and other services balances. Non-residents’ arrivals rose by 92.1% and the relevant receipts by 70.4% year on year, representing 88.9% and 97.4% of their respective levels in 2019. Net transport receipts increased by 13.7%.

The primary income account surplus decreased year on year, mainly due to lower net receipts of other primary income. The secondary income account registered a deficit, against a surplus in the corresponding period of 2021, reflecting net general government payments, against net receipts.

In the January-October 2022 period, under direct investment, residents’ external assets increased by 1.1 billion euros and residents’ external liabilities, which represent non-residents’ direct investment in Greece, rose by 5.7 billion euros.

Under portfolio investment, an increase in residents’ external assets is mainly attributable to a rise of 8.7 billion euros in residents’ holdings of foreign bonds and Treasury bills. An increase in their liabilities is attributable to a rise of 83.0 million euros in non-residents’ holdings of Greek bonds and Treasury bills and a rise of 78.0 million euros in non-residents’ holdings of shares of Greek firms.

Under other investment, a drop in residents’ external assets is due to a decline of 6.6 billion euros in residents’ deposit and repo holdings abroad, which was partly offset by a 3.9 billion euros statistical adjustment associated with the issuance of banknotes. An increase in residents’ external liabilities reflects chiefly a rise of 10.6 billion euros in non-residents’ deposit and repo holdings in Greece (the TARGET account included) and a 3.9 billion euros statistical adjustment associated with the issuance of banknotes, which were partly offset by a decline of 5.1 billion euros in the outstanding debt to non-residents.

At end-October 2022, Greece’s reserve assets stood at 11.1 billion euros, compared with 12.3 billion euros at end-October 2021.

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