Greece posted a $1.32 billion current account deficit in June 2025, reversing the surplus recorded in the same month of 2024, according to the latest figures from the Bank of Greece. The decline was mainly driven by weaker balances in goods and income accounts.
For the first half of 2025, the overall deficit stood at $8.36 billion. While smaller than last year’s figure, the shortfall remains significant, underscoring the persistent imbalance in Greece’s external transactions—a structural issue rather than a temporary setback.
Imports outpace exports, leading to deficit in Greece
The data highlights an increasingly concerning trend in the trade balance. Exports have stagnated, while imports continue to rise, intensifying pressure on the economy. Analysts warn this reliance on imports undermines competitiveness and acts as a brake on growth.
The combination of rising imports and flat exports deprives Greece of crucial economic momentum. In a period of global uncertainty and volatile markets, the inability of exports to sustain positive momentum is emerging as a key risk.
Greece’s tourism sector helps ease trade deficit
Tourism once again provided some support. Despite a slight dip in arrivals, travel revenues rose sharply, exceeding $3.3 billion in June alone. Over the first half of the year, receipts reached $8.47 billion—up 11 percent compared to 2024.
This strong performance gave the services balance a notable surplus, offsetting part of the impact of the trade deficit. However, experts caution that even record tourism revenues cannot fully counterbalance the structural weaknesses in goods and income accounts.
Structural vulnerabilities remain
Beyond trade, net payments for interest and dividends continued to weigh on the income balance. Meanwhile, the capital account posted a small deficit in June, though it showed a surplus of more than $1.1 billion in the first half of 2025, supported by government inflows.
Encouragingly, foreign investors increased their holdings of Greek government bonds, signaling continued confidence in the country’s economic outlook. Yet, this optimism cannot mask the structural challenges, including dependence on imports, weak export growth, and income outflows.
Outlook
While tourism remains a crucial buffer, Greece’s $1.32 billion June deficit underscores the need for broader policy tools to reduce external vulnerabilities. Without stronger export capacity and a shift away from heavy import dependence, the economy risks remaining exposed despite positive signals from investment and services.
