Current Account in Greece

Greece Current Account | Economic News & Forecasts

Greece - Current Account

The robust expansion in Q2—with annual growth hitting an over one-decade high—proved to be short-lived as the economy lost steam in Q3 on disappointing domestic demand. Although both household and capital spending rebounded modestly, a slip in government expenditure and a marked drawdown in inventories dragged on growth. Buoyant export growth, however, helped cushion the overall slowdown. Looking ahead, activity seems to have remained somewhat restrained, as suggested by industrial production slipping in October and the manufacturing PMI averaging lower in October–November from Q3. In other news, in late November, the government concluded an early repayment of EUR 2.7 billion of expensive loans to the IMF, while on 12 December, Parliament approved a scheme to allow banks to shed EUR 30 billion of sour loans through securitization, in a bid to encourage more lending to spur growth.

Greece - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)-2.0  -1.6  -0.8  -1.7  -1.8  

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Greece Current Account Chart

Greece Current Account
Note: Current account balance as % of GDP.
Source: Greece Central Bank and FocusEconomics calculations.

Greece Facts

Bond Yield1.910.76 %Jan 01
Exchange Rate1.120.65 %Dec 31

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