Deficit of the current account of the balance of payments for the 2nd quarter of 2009 has lessened considerably as compared to the previous quarter and 2nd quarter of 2008 and amounted to 255.8 million of USD (reduction comprised 37.4 and 72.8 percents correspondingly).

During the accounting period exports of goods increased by 124.9 million of USD, and imports of goods - by 22.3 million of USD. Therefore balance trading with goods has improved and its deficit amounted to 514.8 million of USD. That is 16.6 percent lower as comparing to the previous quarter and 48.3 percent less than it was in the 2nd quarter of 2008.

Balance of services is positive and equals 78.9 million of USD for the 1st quarter of 2009. From this amount the export of services is 312.8 million of USD. It has increased by 18.0 percent as compared to the 1st quarter of current year, while comparing to the 2nd quarter of 2008 export of services declined by 11.7 percent. Same as exports, imports of services amounting 233.9 million, increased by 4.4 percent and decreased by 31.4 percent as compared to the previous quarter and analogous period of the last year correspondingly.

In the trade with services usually the tourism service has notable positive balance (63.2 million of USD), but in the 2nd quarter of 2009 it has decreased by 18.0 percent as compared to the same quarter of 2008, while in comparison with preceding quarter it has enlarged by 65.7 percent. The second positive component is transportation services constituting 27.7 million of USD. The export of that item has increased by 4.6 percent comparing with the previous quarter. As compared to the same quarter of 2008 it has declined by 4.9 percent. As for imports, it increased in comparison with preceding quarter by 14.3 percentage points and decreased by 33.9 percentage points as compared to the 2nd quarter of 2008. It was mainly caused by volume of transportation services. The balance of government services is positive and amounts to 6.8 million of USD. Items distinguished by a negative balance are insurance, other business and financial service sectors (-20.5, -2.8, and -1.2 million USD accordingly).

Balance of income is negative equaling -4.2 million of USD in the 2nd quarter of 2009. Income credit has amounted to 107.2 million of USD which is 14.2 percent higher than the same indicator for the previous quarter and 10.1 percent less than the figure for the 2nd quarter of 2008. Debit of income is 111.4 million of USD. That is 7.0 percent higher as compared to the 1st quarter of the current year and 55.2 percent less than it was in the 2nd quarter of 2008.

Volume of current transfers is the highest positive component of the current account constituting 184.3 million of USD. It has risen as compared to both, preceding quarter and the same period of the last year (3.5 and 8.4 percent relatively). Inflow of current transfers amounted to 201.3 million of USD, while outflow equaled 16.9 million of USD. In the 2nd quarter of 2009 current transfers of the government decreased by 33.5 percent, while current transfers of other sectors increased by 7.3 percent.

Capital transfers for the 2nd quarter of 2009 amounted to 35.0 million of USD. They have increased by 11.0 percent in comparison with the 1st quarter and enlarged nearly 2 times as compared to the same period of 2008. During the accounting quarter, capital transfers of the government sector equaling 32.4 million of USD, increased by 7.8 percent comparing with the previous fourth and 2.3 times relative to the same period of the year 2008.

In the 2nd quarter of 2009 direct investments amounted to 93.0 million of USD which is 1.4 times less than it was in the previous quarter and 6.5 times smaller as compared to the analogous period of 2008. Direct investment diminishing took place in equity capital as well as in other capital.

During the 2nd quarter of 2009 the number of portfolio investments was insignificant comprising 2.3 million of USD (assets enlarged by 1.4 million of USD and liabilities declined by 0.9 million of USD).

Balance of other investments amounted to 60.1 million of USD in the reporting period declined by 4.6 percent as compared to the previous quarter and enlarged 2.4 times 2nd quarter of 2009 on 2nd quarter of 2008. That was caused by attrition of assets (in the 2nd quarter it has declined by 124.9 million of USD) as well as by declining in liabilities (cut back by 64.8 million of USD). The share of currency and deposits from other assets is 98.8 per cent (123.4 million of USD), while reduction in liabilities entirely was resulted by debts repayment from the banking sector. During the reporting period, loans have declined by 85.4 million of USD, except the government sector, where indebtedness has deepened by 34.4 million of USD. In the other sector loans have declined; for commercial banks indebtedness improved by 115.8 million of USD, for other sector – by 2.5 million of USD and for the NBG – 1.5 million of USD.

During the 2nd quarter of 2009 reserve assets decreased by 19.7 million of USD due to the operational changes. The total foreign currency reserves have diminished by 30.4 million USD and the SDR account has risen by 10.7 million USD.