Massive drop in the current account deficit

Greece’s current account deficit posted a 96 percent annual decline in March, according to data released on Thursday by the Bank of Greece.

The deficit shrank to just 44.4 million euros, compared with 1.2 billion euros in March 2013 and 2.1 billion euros in the same month in 2012. This is attributed to the arrival of resources from the European Union that in March 2014 were increased by 618.6 percent from the same month last year, as well as to the improvement in all other parameters.

Figures showed that exports expanded by 5 percent year-on-year while imports recorded a marginal decline of 0.3 percent. Revenues from tourism increased by 29.1 percent to reach 195 million euros, and those from shipping grew 14.2 percent to 1.06 billion euros.