BUSINESS

Greece's current account dips into deficit in 2016

TAGS: Economy

Greece’s current account deficit grew in December 2016 compared to the same month a year earlier, the Bank of Greece said on Monday, as the surplus of the country’s primary income balance shrank.

The data showed the deficit reached 0.93 billion euros from 0.78 billion euros in December 2015.

Tourism revenues rose slightly to 193 million euros from 184 billion in the same month a year earlier.

“Total exports of goods and services grew faster, by 10 percent, than the corresponding imports which rose 2.9 percent, and the overall balance of goods and services improved.

By contrast, primary and secondary income accounts deteriorated,” the Bank of Greece said.

In 2016 as a whole, Greece posted a current account deficit of 1.1 billion euros versus a surplus of 206 million in 2015 as a result of a lower services balance surplus which was not offset by a shrinking of the balance of goods deficit.

Tourism revenue rose slightly in December to 193 million euros from 184 million in the same month a year earlier, the data showed.

[Reuters]

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