Tourism continues to function as a key pillar for the Greek economy, with travel receipts recording double-digit growth and bolstering the services balance, while exports and imports of goods are under pressure. Tourist receipts in July 2025 skyrocketed by 15% to €4.5 billion, while arrivals also increased by 6.4% compared to July 2024. This year, compared to the January-July 2024 period, arrivals of non-resident travelers increased by 2.6% and related revenues by 12.5%.
It is recalled that MONEY & TOURISM recently reported that a large increase in revenue was expected in July, and just yesterday the publisher of MONEY & TOURISM made a detailed reference to the data in his intervention on SKAI radio. “The detective” wrote on the previous Monday: “Greek tourism: “Triumphant” July with double-digit growth, despite structural problems. Before the official data from the Bank of Greece are even announced, MONEY & TOURISM reveals that this July has recorded impressive progress:
-Revenue: marginal double-digit increase compared to last year, according to primary data before weighting.
-Arrivals: satisfactory growth, despite the difficult environment.
This achievement is even more significant considering that it was achieved:
-Without substantial improvement in tourism infrastructure, which in many destinations remains at the limit of their capabilities.
-With a severe staff shortage problem, which is affecting hotels and restaurants throughout the country.
-With increased energy and supply costs, which erodes the profitability of businesses.
-“Without any coordinated national promotion campaign for this year, leaving communication solely to the regions, municipalities, and the private sector.”
In the seven-month period of 2025, travel receipts amounted to €12.1 billion, compared to €10.8 billion in the same period last year.
The data
More specifically, the official data of the Bank of Greece’s Balance of Payments record the following:
Current Account Balance
In July 2025, the current account surplus more than doubled (an increase of 728.5 million euros) compared to the same month in 2024 and amounted to 938.4 million euros.
The goods balance deficit widened, as the decline in exports exceeded the decline in imports. At current prices, goods exports fell by 5.2% (but rose by 0.6% at constant prices), while goods imports decreased by 2.2% (-1.2% at constant prices).
Non-fuel goods exports increased by 5.8% at current prices (9.2% at constant prices), whereas non-fuel goods imports rose by 2.1% (1.8% at constant prices).
The services surplus expanded, due to an improvement in the travel services balance, although the transport and other services balances deteriorated.
Compared to July 2024, non-resident traveller arrivals increased by 6.4% and related travel receipts by 15.0%.
The primary income deficit was reduced by about half compared to the same month in 2024, reflecting a decline in net payments for interest, dividends, and profits.
In contrast, the secondary income deficit worsened relative to July 2024, as a result of increased net payments across all sectors of the economy.
During the period January–July 2025, the current account deficit decreased by €1.4 billion compared to the same period in 2024, reaching €6.7 billion.
The goods balance deficit narrowed, as the decline in imports exceeded that of exports in absolute terms. At current prices, goods exports fell by 4.9% (+0.3% at constant prices), while goods imports decreased by 3.6% (-2.1% at constant prices).
At current prices, non-fuel goods exports increased by 4.5%, while non-fuel goods imports rose by 3.4% (7.0% and 2.7%, respectively, at constant prices).
The services surplus widened, primarily due to an improvement in the travel services balance, which was approximately half offset by a deterioration in the transport services balance. Compared to the period January–July 2024, non-resident traveller arrivals increased by 2.6%, and related receipts rose by 12.5%.
The primary income deficit decreased compared to the same period in 2024, mainly as a result of lower net payments for interest, dividends, and profits.
The secondary income surplus increased relative to the same period in 2024, due to a reduction in net general government payments, which was partially offset by a significant decline in net receipts in other sectors of the economy (excluding general government).
Capital Account Balance
In July 2025, the capital account surplus increased compared to the same month in 2024 and amounted to 84.5 million euros, reflecting the increase in net receipts in sectors other than general government.
During the period January-July 2025, the capital account showed a surplus of 1.3 billion euros, compared to a deficit in the same period in 2024, mainly due to an increase in the general government’s net receipts, as well as a decrease in net payments to other sectors of the economy, excluding the general government.
Total Balance of Current and Capital Accounts
In July 2025, the surplus of the total current and capital account balance (which corresponds to the economy’s need for financing from abroad) increased compared to the same month in 2024 and amounted to 1.0 billion euros.
From January to July 2025, the deficit of the total current and capital account balance decreased compared to the same period in 2024 and amounted to 5.4 billion euros.
Balance of Payments
In July 2025, in the category of direct investments, the net inflows of claims by residents against the rest of the world amounted to €360.4 million and the net outflows of liabilities of residents against the rest of the world amounted to €431.4 million.
In portfolio investments, the decrease in residents’ claims against the rest of the world mainly reflects the €1.5 billion decline in their investments in foreign bonds and bills, which was partially offset by the increase in residents’ investments in non-resident companies’ shares. The increase in their liabilities is mainly due to a 471.0 million euro rise in non-resident investments in Greek bonds and treasury bills, as well as a 171.0 million euro increase in their investments in domestic company shares.
In the category of other investments, there was an increase in claims by residents against the rest of the world, due to the statistical adjustment related to the issuance of banknotes (by 678.0 million euros), the rise by 412.5 million euros in loans granted to non-residents by domestic financial institutions, and the increase by 410.1 million euros in residents’ investments in deposits and repos abroad. The reduction in their liabilities is mainly due to a €1.7 billion decline in non-resident investments in deposits and repos domestically and a €631.9 million decrease in non-resident debt obligations, which were partially offset by the statistical adjustment related to the issuance of banknotes (€678.0 million).
During the period January–July 2025, in the category of direct investment, residents’ claims on the rest of the world recorded net outflows of €2.3 billion, while residents’ liabilities to the rest of the world – corresponding to non-residents’ direct investments in Greece – recorded net inflows of €3.2 billion.
In portfolio investment, the decline in residents’ claims on the rest of the world was due to a €3.5 billion decrease in residents’ holdings of foreign bonds and treasury bills, which was partially offset by a €1.8 billion increase in residents’ holdings of shares in non-resident companies.
The increase in residents’ liabilities primarily reflects a €7.9 billion rise in non-residents’ holdings of Greek bonds and treasury bills, as well as a €1.6 billion increase in non-residents’ holdings of shares in domestic companies.
In the category of other investments, the increase in claims by residents against the rest of the world is mainly due to the statistical adjustment for the issue of banknotes (by 3.6 billion euros), the increase by 602.0 million euros in loans granted to non-residents, and, to a lesser extent, the rise by 128.5 million euros in residents’ placements in deposits and repos abroad. The reduction in their liabilities is associated with a €6.6 billion decline in non-resident investments in deposits and repos in Greece (including the TARGET account) and, to a lesser extent, a €566.9 million decline in non-resident debt obligations, which were offset to some extent by the statistical adjustment for banknote issuance (€3.6 billion).
At the end of July 2025, the country’s foreign exchange reserves amounted to 15.8 billion euros, compared to 13.5 billion euros at the end of July 2024.
Source:
money-tourism.gr
https://money-tourism.gr/en/bank-of-greece-15-of-e4-5-billion-in-tourist-revenue-in-july-6-4-in-arrivals-all-time-record/
