Greece’s Current Account Deficit Update

ATHENS (Reuters) – Greece’s current account deficit decreased slightly in November 2023 compared to the previous year, supported by strong tourism revenues, according to the Bank of Greece.

Central bank data indicated that the current account deficit was 3.15 billion euros ($3.25 million) in November, down from 3.18 billion euros in the same month in 2022.

Tourism revenues surged by nearly 45% year-on-year, reaching 0.62 billion euros, with foreign arrivals increasing by 23.6%. This growth helped mitigate the effects of imports exceeding exports.

Despite this, for the 11 months leading to November, Greece posted a current account deficit of 11.5 billion euros, compared to 11 billion euros during the same period the previous year.

> Note: ($1 = 0.9703 euros)