Tourism revenues rose in April despite the problems caused by the crisis in the Middle East. According to data from the Bank of Greece, revenue for that month reached 1.11 billion euros, an increase of 9.5% compared to the same month in 2025. Compared to April 2025, arrivals were 10.6% higher.
Based on the latest data, tourism revenue for the first four months of the year stands at 2.79 billion euros, with the increase compared to the same period in 2025 soaring to 36.9%.
Current Account Balance
In April 2026, the current account deficit decreased by 956.0 million euros compared to April 2025, standing at 1.4 billion euros.
The goods account deficit narrowed, as the increase in exports exceeded that of imports. At current prices, exports rose by 36.3% (13.6% at constant prices) and imports by 12.2% (0.8% at constant prices). Specifically, at current prices, exports of goods excluding fuels rose by 10.6% (5.5% at constant prices), while imports of goods excluding fuels increased by 3.2% (1.5% at constant prices).
The services account surplus declined slightly, due to net payments recorded against net receipts in the balance of other services, despite an improvement in the transport balance and, to a lesser extent, the travel balance. Compared with April 2025, non-resident tourist arrivals and related receipts increased by 10.6% and 9.5%, respectively.
The primary income balance deficit narrowed compared with the same month of 2025, reflecting mainly the decrease in net payments for interest, dividends, and profits. The secondary income balance recorded a surplus, compared with a deficit in the corresponding month of 2025, mainly due to net receipts exceeding net payments in the general government sector.
During the January–April 2026 period, the current account deficit increased by 1.0 billion euros compared with the first four months of 2025, reaching 8.3 billion euros. The goods account deficit narrowed, as the increase in exports outpaced that of imports.
At current prices, exports rose by 12.0% (4.6% at constant prices) and imports by 3.6% (0.1% at constant prices). Specifically, at current prices, exports of goods excluding fuels rose by 5.3%, while corresponding imports increased by 5.4% (2.2% and 4.5% at constant prices, respectively).
The services account surplus widened, mainly due to an improvement in the travel balance, which was offset to some extent by a deterioration in the balances for other services and transportation. Compared with the first four months of 2025, arrivals of non-resident travelers increased by 27.1%, and related receipts rose by 36.9%.
The primary income balance deficit rose compared with the January–April 2025 period, mainly due to a nearly 50% decline in net receipts from other primary income. The secondary income balance surplus narrowed during the same period compared with the corresponding period of 2025, mainly due to a decrease in net receipts in sectors of the economy other than general government.
Capital Account
In April 2026, the capital account recorded a surplus of 488.6 million euros, compared with a deficit in the corresponding month of 2025, reflecting mainly the rise in net receipts in the general government sector.
During the January–April 2026 period, the capital account surplus contracted compared with the first four months of 2025, and stood at 358.5 million euros, mainly due to the decline in net receipts in the general government sector, despite the decrease in net payments to other sectors of the economy outside the general government sector.
Total Current Account and Capital Account Balance
In April 2026, the deficit in the combined current and capital account (which corresponds to the economy’s need for external financing) narrowed compared with the same month in 2025 and stood at 900.4 million euros.
During the January–April 2026 period, the deficit in the combined current and capital account balance increased compared to the corresponding period of 2025 and stood at 8.0 billion euros.
Financial Account
In April 2026, in the direct investment category, residents’ claims on non-residents recorded net inflows of 179.4 million euros, while residents’ liabilities to non-residents recorded net outflows of 803.0 million euros.
In portfolio investments, the increase in residents’ claims on non-residents mainly reflects the €206.1 million rise in residents’ holdings of shares in non-resident companies and, to a lesser extent, a €28.0 million increase in their holdings of foreign bonds and treasury bills. The increase in their liabilities is mainly attributable to a €1.0 billion in non-residents’ investments in Greek bonds and interest-bearing notes and, to a lesser extent, to the 300.0-million-euro increase in non-residents’ investments in shares of domestic companies.
In the “other investments” category, residents’ claims on non-residents rose, mainly due to a €370.2 million increase in loans granted to non-residents by domestic financial institutions and to the statistical adjustment related to the issuance of banknotes (by €309.0 million), despite a decrease of 241.8 million euros in their placements in deposits and repos abroad.
The decrease in their liabilities mainly reflects the €452.0 million reduction in non-residents’ placements in deposits and repos in Greece (including the TARGET account) and, to a lesser extent, a decrease in their loan liabilities to non-residents, which was partially offset by the statistical adjustment related to the issuance of banknotes (by 309.0 million euros).
During the January–April 2026 period, in the direct investment category, residents’ claims on non-residents recorded inflows of 1.5 billion euros, while residents’ liabilities to non-residents—corresponding to non-residents’ direct investments in Greece—recorded outflows of 4.4 billion euros.
In portfolio investments, the increase in residents’ claims on non-residents is mainly due to a rise of 2.3 billion euros in residents’ investments in foreign bonds and interest-bearing notes and, to a lesser extent, to an increase of 892.3 million euros in residents’ investments in shares of non-resident companies.
The increase in their liabilities is mainly due to a rise of 4.9 billion in non-residents’ investments in Greek bonds and interest-bearing notes, which was partially offset by a decrease of 965.0 million euros in non-residents’ investments in shares of domestic companies.
In the “other investments” category, the increase in residents’ claims on non-residents is attributable to a €1.8 billion rise in loans granted to non-residents, as well as to a statistical adjustment related to the issuance of banknotes (€1.4 billion), despite a decrease of 1.9 billion euros in residents’ placements in deposits and repos abroad.
The increase in their liabilities is primarily attributable to the €5.3 billion rise in non-residents’ placements in deposits and repos in Greece (including the TARGET account) and, secondarily, to the statistical adjustment related to the issuance of banknotes (by 1.4 billion euros), which was offset to some extent by a 2.1 billion euro decrease in their loan liabilities to non-residents.
At the end of April 2026, the country’s foreign exchange reserves stood at 21.4 billion euros, compared with 15.8 billion euros at the end of April 2025.
* See the “Supporting Materials” column for details.