It amounted to 20.1 billion euros. current account deficit in 2022, recording an increase of 7.9 billion euros, which is associated with a significantly larger increase in imports than exports, both in value and volume. A larger increase in the current account deficit was avoided by an increase in the surplus in services resulting from a large increase in inbound tourism, while receipts are only 3% less than in 2019, the last year before the pandemic. The positive news is the increase foreign direct investmentto 6.24 billion euros in 2022.

In particular, according to what was announced yesterday Bank of Greece, exports increased by 36.1% at current prices (4.3% at constant prices) and imports by 40.1% at current prices (16.9% at constant prices). In particular, in current prices, exports and imports of non-fuel goods increased by 23.3% and 23.6%, respectively, and in comparable prices, the growth was 7% and 15.5%, respectively.

However, it is worth noting that it was in December 2022 that a decrease in the trade balance deficit was recorded, which is due to the fact that the increase in exports in this particular month was greater than the increase in imports.

Exports increased by 26.5% at current prices (6.8% at constant prices) and imports by 9.2% at current prices (0.2% at constant prices). In particular, exports of non-fuel goods increased by 17.4% in current prices (4.0% in comparable prices), and imports of non-fuel goods by 3.4% in current prices (-1.9% in comparable prices).

On the positive side, an increase in foreign direct investment to 6.24 billion in 2022 from 5.56 billion in 2021 should be noted.

The large increase in the current account deficit was mitigated by an increase in the positive balance of services, which was mainly due to an improvement in the balance of tourism services and, secondly, in the balance of transport and other services. Specifically, non-resident traveler arrivals increased by 89.3% and qualifying receipts by 67.9% compared to 2021, representing 88.8% and 97% of their respective 2019 levels. Net transport receipts increased by 5.6%. The balance of primary income showed a deficit compared to surplus in 2021, mainly due to an increase in net payments of interest, dividends and profits. The balance of secondary income also posted a deficit compared to a surplus in 2021 due to the reflection of net payments against net receipts in the general government sector.

2022 was also a year of further growth in foreign direct investment, which was also at a high level in 2021. According to the Bank of Greece, they amounted to 6.24 billion euros in 2022, from 5.56 billion euros in 2021 and 2.9 billion euros in 2020.

Finally, at the end of December 2022, the country’s foreign exchange reserves amounted to 11.3 billion euros, compared to 12.8 billion euros at the end of December 2021.