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Greek Current A/C Surplus Shrinks

Greek Current A/C Surplus ShrinksGreek Current A/C Surplus Shrinks

Greece’s current account surplus shrank in June compared to the same month a year earlier due to a wider trade gap and a deficit in the primary income balance, the Bank of Greece said on Monday, Reuters reported. The data showed the surplus at €842 million ($988.7million) from €910 million euros in June 2016. Tourism revenues rose to €2.047 billion from 1.79 billion in the same month a year earlier. “The current account of the balance of payments showed a surplus that was lower by €68 million than a year earlier, primarily because the primary and secondary income accounts turned to deficits from surpluses,” the Bank of Greece said. To a large extent this was offset by a stronger surplus of the services balance, the central bank said. “The rise in the surplus of the services balance by €221 million is solely attributable to an increase of 257 million in the surplus of the travel balance,” it said. In June foreign arrivals and the corresponding revenues rose by 13 and 14.2% respectively year-on-year, the central bank said.

 

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