Tourism revenues in Greece recorded a strong 25.8% increase during the first five months of 2026, reaching €5.32 billion (€5,319.7 million), compared with €4.23 billion (€4,229.8 million) during the same period in 2025.
According to data released by the Bank of Greece, travel receipts in May 2026 rose by 10.9% year-on-year to €2.43 billion (€2,430.2 million), up from €2.19 billion (€2,191.9 million) in May 2025.
Current Account Balance
In May 2026, Greece’s current account deficit widened by €956.6 million compared with May 2025, reaching €960.2 million, despite improvements in both the goods and services balances.
The goods deficit narrowed as exports grew faster than imports. At current prices:
- Exports increased by 21.1% (1.0% in constant prices).
- Imports rose by 9.6% (1.4% in constant prices).
Excluding fuel:
- Goods exports rose 3.7% (-2.7% in constant prices).
- Goods imports increased 2.5% (0.9% in constant prices).
The services surplus expanded, mainly due to improvements in the travel balance and, to a lesser extent, the transport balance, although this was partly offset by net payments in other services.
Compared with May 2025:
- International tourist arrivals increased by 12.2%.
- Tourism receipts rose by 10.9%.
The primary income deficit widened, largely reflecting lower net receipts from other primary income.
Meanwhile, the secondary income balance recorded a deficit, compared with a surplus a year earlier, mainly because of net payments by the general government.
January–May 2026
During the first five months of 2026, the current account deficit widened by €1.6 billion compared with the same period of 2025, reaching €8.9 billion.
The goods deficit narrowed as exports outpaced imports.
At current prices:
- Exports rose 13.9% (4.0% in constant prices).
- Imports increased 3.9% (-0.6% in constant prices).
Excluding fuel:
- Goods exports increased 4.9%.
- Goods imports rose 3.8% (1.2% and 2.7% respectively in constant prices).
The services surplus expanded primarily due to stronger tourism revenues, while the transport surplus posted a modest increase.
Compared with the first five months of 2025:
- International tourist arrivals increased by 20.9%.
- Tourism receipts climbed 25.8%.
The primary income deficit widened due to lower net receipts from other primary income, while the secondary income surplus narrowed, mainly because of reduced net receipts outside the general government sector.
Capital Account
In May 2026, the capital account recorded a €13.6 million deficit, compared with a surplus in May 2025, primarily reflecting almost zero net inflows to the general government sector.
Between January and May 2026, the capital account surplus declined to €344.9 million, mainly because of lower net receipts by the general government.
Combined Current and Capital Account
The combined current and capital account balance, which reflects the economy’s external financing needs, recorded a €973.9 million deficit in May 2026, compared with a surplus in May 2025.
For the January–May period, the combined deficit widened to €8.6 billion, compared with the same period a year earlier.
Financial Account
May 2026
Direct investment
- Greek residents’ direct investment abroad recorded net outflows of €142.1 million.
- Foreign direct investment into Greece totaled €1.7 billion, including the share capital increase of PPC S.A. (Public Power Corporation).
Portfolio investment
Residents increased investments abroad by:
- €637 million in foreign bonds and Treasury bills.
- €594.7 million in foreign equities.
Non-residents increased investments in Greece by:
- €2.3 billion in Greek company shares.
- €663 million in Greek government bonds and Treasury bills.
Other investment
Residents’ foreign assets increased mainly because of:
- €1.8 billion in additional deposits and repos abroad.
- €411.7 million in loans to non-residents.
- €401 million statistical adjustment related to banknote issuance.
Foreign liabilities declined due primarily to:
- €239 million reduction in non-resident deposits and repos in Greece (including TARGET balances).
- €201.8 million decline in loan liabilities to non-residents.
January–May 2026
Direct investment
- Greek direct investment abroad totaled €1.6 billion.
- Foreign direct investment into Greece reached €6.1 billion.
Portfolio investment
Residents increased investments abroad by:
- €2.9 billion in foreign bonds and Treasury bills.
- €1.5 billion in foreign equities.
Non-residents increased investments in Greece by:
- €5.6 billion in Greek government bonds and Treasury bills.
- €1.4 billion in Greek corporate shares.
Other investment
Residents’ foreign assets increased mainly because of:
- €2.2 billion in loans to non-residents.
- €1.8 billion statistical adjustment linked to banknote issuance.
Foreign liabilities rose primarily due to:
- €5 billion increase in non-resident deposits and repos in Greece (including TARGET balances).
- €1.8 billion statistical adjustment related to banknote issuance.
These increases were partly offset by a €1.9 billion decline in loan liabilities to non-residents.
Foreign Exchange Reserves
At the end of May 2026, Greece’s foreign exchange reserves stood at €20.9 billion, up from €15.8 billion at the end of May 2025.
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