Goods exports increased by 19.0% y/y in Jan-26
In Jan-26, goods exports increased by 19.0% y/y to US$ 480.4mn, following a 22.5% y/y rise in previous month. Goods imports fell by 34.5% y/y to US$ 1.1bn, mainly reflecting a high base in Jan-25 due to one-off US$ 481mn paintings imports (adjusting for this one-off effect, imports were down 8.7% y/y in Jan-26). As a result, the trade deficit narrowed by 51.0% y/y to US$ 636.6mn in Jan-26, after a 3.5% y/y rise in Dec-25.
NBG kept its key rate unchanged at 8.0%
On 11 February 2026, the NBG kept monetary policy rate unchanged at 8.0% to maintain a moderately tight stance amid temporarily elevated inflation. Annual inflation rose to 4.8% in Jan-26, largely driven by food price inflation. However, core inflation remained close to the target at 2.1%, suggesting that underlying price pressures are contained and inflation expectations remain stable, as stated by the regulator.
The NBG expects inflation to gradually converge toward the 3.0% target from the 2Q26, while economic growth is projected to moderate to around 5.0%, easing demand-side pressures. Given these conditions, the Monetary Policy Committee considered it appropriate to keep the rate unchanged and wait for temporary factors to fade. The next monetary policy meeting is scheduled for 25 March 2026.
