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This study analyses developments in the Greek economy’s Current Account (CA), competitiveness and its relationship with export performance, focusing on the more general change of the growth model of the Greek economy away from one based on consumption towards export-led growth. The CA deficit has declined significantly since the beginning of the crisis, and especially during the first half of 2012. In total, the external deficit is expected to fall below 5% of GDP in 2012 from about 15% of GDP in 2008. Most impressive is the change in the trade deficit of goods excluding oil and ships, which has decreased by 50% over the last three years and has turned into a surplus since 2011.