2024-06-22 17:58:37
Tourism revenues elevated by 22% and vacationer arrivals by 20% within the first quarter, based on information from the Financial institution of Greece’s stability of funds.
Receipts reached €1.786 billion within the 4 months, whereas in April they reached €844.5 million and have been up 15.9% in comparison with the corresponding month final yr, whereas arrivals have been up 13.9%.
The present account elevated considerably in April primarily because of the widening of the commerce deficit as the rise in exports was lower than the rise in imports.
The announcement of the Financial institution of Greece
In April 2024, the present account deficit widened in comparison with the corresponding month in 2023, primarily because of the deterioration of the products stability and, to a lesser extent, the secondary revenue stability, whereas the companies and first revenue balances registered a slight enchancment.
In January-April 2024, the present account deficit widened in comparison with the identical interval in 2023, because of the deterioration of the products stability and, to a lesser extent, the first revenue stability, which was partially offset by the advance primarily within the of secondary incomes but in addition of the stability of companies.
Present Account Steadiness
In April 2024, the present account deficit elevated by EUR 822.0 million in comparison with April 2023 to EUR 2.7 billion.
The deficit within the stability of products widened as the rise in imports exceeded that of exports. At present costs, exports rose by 11.8% (6.9% at fixed costs) and imports rose by 21.4% (21.5% at fixed costs). Specifically, at present costs, exports of non-fuel items elevated by 15.5% (11.1% at fixed costs), whereas imports of non-fuel items elevated by 23.3% (23.7% at fixed costs).
The companies surplus recorded a slight improve because of the enchancment within the journey companies stability, which was partially offset by a discount within the surplus primarily within the transport stability and secondarily within the different companies stability. In comparison with April 2023, non-resident traveler arrivals elevated by 13.9% and associated receipts by 15.9%.
The first revenue stability deficit narrowed barely in comparison with the corresponding month in 2023, reflecting a lower in internet funds for curiosity, dividends and earnings, which was partially offset by a lower in internet receipts from different main revenue. The deficit of the secondary revenue stability recorded a small improve in comparison with April 2023, on account of the rise in internet funds to the overall authorities sector, which was to some extent offset by the recording of internet receipts towards internet funds to the opposite non-general authorities , sectors of the economic system.
Within the interval January-April 2024, the present account deficit elevated by 1.1 billion euros in comparison with the primary quarter of 2023 and stood at 6.8 billion euros.
The products stability deficit elevated, because of the simultaneous lower in exports and improve in imports. At present costs, exports fell by 5.7% (‑7.2% at fixed costs) and imports elevated by 3.5% (‑6.2% at fixed costs). Specifically, at present costs, exports of products with out gasoline confirmed a lower of three.5%, whereas the corresponding imports elevated by 7.9% (-6.0% and eight.7% at fixed costs respectively).
The companies surplus widened, primarily because of an enchancment within the journey stability and, to a lesser extent, the transport stability, offset to some extent by a narrowing of the opposite companies surplus. In comparison with the primary quarter of 2023, non-resident traveler arrivals elevated by 20.0% and associated receipts by 22.0%.
The stability of main incomes recorded a deficit, in comparison with a surplus within the corresponding interval of 2023, because of the lower in internet receipts from different main incomes. The excess of the secondary revenue stability elevated in comparison with the corresponding interval of 2023, because of the improve in internet receipts within the different, besides common authorities, sectors of the economic system.
Capital Steadiness
In April 2024, the capital stability recorded a deficit, in comparison with a surplus within the corresponding month of 2023, which amounted to 115.3 million euros, primarily reflecting the recording of internet funds, towards internet receipts, within the different, excluding common authorities, sectors of the economic system..
Within the interval January-April 2024, the capital stability confirmed a deficit, in comparison with a surplus within the first quarter of 2023, which amounted to 540.2 million euros, on the one hand because of the discount of internet receipts within the common authorities sector and alternatively because of the recording of internet funds, towards internet receipts, within the different, aside from common authorities, sectors of the economic system.
Whole Present and Capital Steadiness
In April 2024, the deficit of the full stability of present transactions and capital (which corresponds to the wants of the economic system for financing from overseas) elevated in comparison with the corresponding month of 2023 and amounted to 2.8 billion euros.
Within the interval January-April 2024, the deficit of the full stability of present transactions and capital widened, in relation to the corresponding interval of 2023, and amounted to 7.4 billion euros.
Steadiness of Monetary Transactions
In April 2024, within the class of direct investments, internet flows of 60.4 million euros have been recorded in residents’ overseas claims and 316.9 million euros in residents’ liabilities, with no notable transactions.
In portfolio investments, the rise in residents’ overseas claims nearly completely displays the €1.9 billion improve of their holdings of overseas bonds and interest-bearing bonds. The rise of their liabilities is principally because of the improve of 79.0 million euros within the placements of non-residents in Greek bonds and interest-bearing payments.
Within the class of different investments, a lower was recorded within the claims of residents vis-a-vis overseas, because of a lower of 1.5 billion euros in placements of residents in deposits and repos overseas, which was partially offset by the statistical adjustment linked to the issuance of banknotes (by 228.0 million euros) and the rise by 183.8 million euros within the granting of loans to non-residents by home monetary establishments. The rise of their liabilities primarily displays the €3.1 billion improve in non-resident placements in deposits and repos in Greece (together with the TARGET account) and, to a lesser extent, the statistical adjustment linked to the issuance of banknotes (in accordance 228.0 million euros), which have been offset, to a sure extent, by the discount by 395.3 million euros of their mortgage obligations to non-residents.
Within the interval January-April 2024, within the class of direct investments, internet flows of 503.7 million euros have been recorded within the claims of residents vis-a-vis overseas and within the liabilities of residents vis-a-vis overseas, which correspond to direct investments by non-residents in Greece, internet flows of 1.5 billion euros.
In portfolio investments, the rise in residents’ claims towards overseas is sort of completely because of the rise of three.9 billion euros within the placements of residents in overseas bonds and interest-bearing payments. The rise of their liabilities primarily displays the €3.7 billion improve in non-residents’ positions in Greek bonds and interest-bearing payments.
Within the class of different investments, the lower within the claims of residents vis-a-vis overseas is principally because of the lower of 4.1 billion euros in placements of residents in deposits and repos overseas and, to a lesser extent, to the statistical adjustment linked to the issuance of banknotes (by EUR 740.0 million), which have been offset to some extent by the EUR 316.2 million improve in loans to non-residents. The discount of their liabilities is expounded to the EUR 2.3 billion discount of their mortgage liabilities to non-residents and, to a lesser extent, to the statistical adjustment associated to the issuance of banknotes (by EUR 740.0 million), which have been offset partly from the €2.2 billion improve in non-resident placements in deposits and repos in Greece (together with the TARGET account).
On the finish of April 2024, the nation’s overseas trade reserves stood at 13.4 billion euros, in comparison with 12.0 billion euros on the finish of April 2023.
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