Tourism Offsets Greece’s Current Account Deficit

The Acropolis, Athens. © GTP

Greece’s current account recorded a deficit of 1.5 billion euros in 2017 down by 418 million euros year-on-year against a deficit of 1.87 billion in 2016, according to data released this week by the Bank of Greece, demonstrating improvements mainly in the services balance.

Exports of goods rose by 14.7 percent. The central bank attributes a decrease in the services surplus to lower net travel and other services receipts, which were partly offset by higher net transport receipts as a result of a 16.2 percent rise in net sea transport receipts.

Travel receipts increased slightly by 0.8 percent despite a marginal fall in arrivals, while corresponding payments rose by 26.5 percent, which resulted in lower net receipts year-on-year.

According to the Bank of Greece data, Non-residents’ arrivals increased by 9.7 percent to over 27 million and the corresponding receipts by 10.5 percent while transport receipts rose by 16.9 percent at current prices.