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In January 2015, the current account balance recorded a deficit of 847 million euro, which was 511 million euro higher than in the same period of 2014, as announced today by the Bank of Greece.

As noted in the same message, this was mainly due to the increase in the trade deficit, and secondly, to the reduced surplus in the primary and secondary income. The surplus in services did not report a significant change during the same month.

 
The trade deficit increased by 279 million euro compared to the same period of 2014 due to the increased net cost of imported fuel and other goods, with the exception of shipping, where net costs decreased.

The surplus balance in services reported a slight growth, thanks to the improvement in tourism balance. It in turn was due to the significant increase (50%) in foreign tourists in January, although the relevant revenues increased by only 9%.

The surplus in primary expenditures decreased by 165 million euro in January 2015, mainly due to the increased net payments of interests, dividends and profits. The remaining net primary revenue, including taxes and subsidies on products and production reported a slight decrease.

The secondary income surplus decreased by 68 million euro, as the increase in net transfers from the EU to the government sector was repeatedly offset by the deterioration of transfers to other sectors of the economy.

Balance of capital

In January 2015 the balance of capital improved, reporting a surplus of 50 million euro compared to a deficit of 13 million euro during the same accounting period of 2014. The reason was the increase in net capital transfers to the government sector.

Total current account and capital balance

In January 2015 the total balance of current account and capital transfers reported a deficit of 797 million euro, or 447 million euro more than in the same period of 2014.

Balance of financial account

In January 2015 the net claims of foreign citizens increased by 41 million euro, while the corresponding liabilities in the form of direct foreign investment in Greece did not report a significant change.

Portfolio investment recorded a net increase (1.3 billion euro) in claims of Greeks compared to those of foreign nationals. Conversely, the net liabilities of Greeks compared to those of foreigners decreased by 1.4 billion euro.

The category of other investments reported a net increase in claims (9.7 billion euro) and a net increase in liabilities (13.6 billion euro).

It should be noted that the liabilities include the statistical adjustment (5.4 billion euro) associated with the issue of banknotes (euro) over the quota for participation in the European Central Bank that represent the obligations of the Bank of Greece to the Eurosystem.

At the end of January 2015, Greece’s foreign exchange reserves amounted to 5.9 billion euro compared with 4.6 billion euro at the end of January 2014.

According to the Greek Statistical Service ELSTAT, the average value of the index decreased by 2% in the period February 2014-January 2015 compared to the period February 2013-January 2014.

The 16% decrease in the total turnover index in the industrial sector in January 2015 compared to the same period of 2014 was due to the 5.7% decrease in the turnover index in the mining industry and the 16.2% decrease in the turnover index in the processing industry. The reason for the index decrease was the 12.7% decline in the turnover index of the domestic market and the 20.2% decrease in the turnover index of the foreign market.