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Home > Finance > Greece's current account gap narrows slightly in November thanks to tourism

Greece's current account gap narrows slightly in November thanks to tourism

Published by Global Banking and Finance Review

Posted on January 20, 2025

1 min read

Last updated: January 27, 2026

Graph illustrating Greece's current account deficit decrease due to tourism - Global Banking & Finance Review — A visual representation showing the slight decrease in Greece's current account deficit in November 2023, attributed to increased tourism revenues. This image highlights the importance of tourism in balancing Greece's financial landscape.

Tags:GDP financial community economic growth foreign currency

Quick Summary

Greece's current account deficit narrowed in November, aided by a 45% rise in tourism revenues, despite imports outpacing exports.

Greece's Current Account Deficit Slightly Decreases in November Due to Tourism

ATHENS (Reuters) - Greece's current account deficit shrank slightly in November compared to the same month in 2023, helped by robust tourism revenues, the Bank of Greece said on Monday.

Central bank data showed the current account deficit was 3.15 million euros ($3.25 million) in November, down from a deficit of 3.18 billion euros in the same month a year earlier.

Tourism revenues rose by nearly 45% year-on-year to 0.62 billion euros, with foreign arrivals up by 23.6%. This largely offset the impact of imports of goods outpacing exports.

However, in the 11 months to November, Greece recorded a current account deficit of 11.5 billion euros, up from a deficit of 11 billion euros in the same period last year.

($1 = 0.9703 euros)

(Reporting by Lefteris Papadimas; Editing by Gareth Jones)

Key Takeaways

•Greece's current account deficit decreased slightly in November.
•Tourism revenues increased by nearly 45% year-on-year.
•Foreign arrivals in Greece rose by 23.6%.
•Imports of goods outpaced exports despite tourism gains.
•11-month deficit increased to 11.5 billion euros.

Frequently Asked Questions about Greece's current account gap narrows slightly in November thanks to tourism

1What was the current account deficit in November?

The current account deficit in November was 3.15 million euros, a slight decrease from 3.18 billion euros in the same month a year earlier.

2How did tourism impact Greece's current account?

Tourism revenues rose by nearly 45% year-on-year to 0.62 billion euros, significantly helping to offset the impact of imports outpacing exports.

3What was the current account deficit for the year-to-date?

In the 11 months leading up to November, Greece recorded a current account deficit of 11.5 billion euros, which is an increase from 11 billion euros in the same period last year.

Greece's Current Account Deficit Slightly Decreases in November Due to Tourism

ATHENS (Reuters) - Greece's current account deficit shrank slightly in November compared to the same month in 2023, helped by robust tourism revenues, the Bank of Greece said on Monday.

Central bank data showed the current account deficit was 3.15 million euros ($3.25 million) in November, down from a deficit of 3.18 billion euros in the same month a year earlier.

Tourism revenues rose by nearly 45% year-on-year to 0.62 billion euros, with foreign arrivals up by 23.6%. This largely offset the impact of imports of goods outpacing exports.

However, in the 11 months to November, Greece recorded a current account deficit of 11.5 billion euros, up from a deficit of 11 billion euros in the same period last year.

($1 = 0.9703 euros)

(Reporting by Lefteris Papadimas; Editing by Gareth Jones)

Frequently Asked Questions

1What was the current account deficit in November?

The current account deficit in November was 3.15 million euros, a slight decrease from 3.18 billion euros in the same month a year earlier.

2How did tourism impact Greece's current account?

Tourism revenues rose by nearly 45% year-on-year to 0.62 billion euros, significantly helping to offset the impact of imports outpacing exports.

3What was the current account deficit for the year-to-date?

In the 11 months leading up to November, Greece recorded a current account deficit of 11.5 billion euros, which is an increase from 11 billion euros in the same period last year.