BUSINESS

Greek current account gap shrinks in February, income account helps

TAGS: Economy

Greece's current account deficit shrank in February from the same month a year earlier, helped by an improvement in the income account and a smaller trade deficit, the Bank of Greece said on Wednesday.

"The current account deficit dropped by 650 million euros year-on-year in February," the central bank said.

"The value of exports of goods and services fell 18.6 percent and the corresponding value of imports declined by 11.9 percent, so the deficit of the balance of goods and services shrank by 88 million euros."

The data showed the deficit reached 804 million euros ($913.34 million) from 1.45 billion euros in February 2015. Tourism revenues fell to 134 million euros from 143 million in the same month a year earlier.

In 2015 as a whole, Greece posted a current account deficit of 7.5 million euros, helped by higher tourism revenues – its biggest foreign currency earner. [Reuters]

Online