Greece's balance of payments has maintained the same characteristics for a long time; specifically, the trade balance (exports minus imports) has traditionally been negative. In the years 1991-93, exports of goods fell short of imports by an annual average of more than US$13 billion. The traditionally positive balance of invisibles, particularly services such as tourism, shipping, and transfers such as remittances from emigrants and payments from the EU, has usually covered most of the trade deficit. In the years 1991-93, invisibles showed an annual surplus of about US$11.5 billion. Finally, the country has usually had a positive net capital flow, which in 1991-93 averaged US$3.5 billion per year. The overall outcome of Greece's international payments was a surplus in 1991 and 1993, but a deficit of US$2.1 million in 1992. On the whole, since 1990 surpluses have exceeded deficits, and the country's foreign-exchange reserves have grown considerably. At the end of 1993, foreign-exchange reserves stood at US$8.7 billion.

Data as of December 1994

NOTE: The information regarding Greece on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Greece The Balance of Payments information contained here. All suggestions for corrections of any errors about Greece The Balance of Payments should be addressed to the Library of Congress and the CIA.