BUSINESS

Greek current account deficit widens in February, tourism revenue drops

TAGS: Finance, Tourism

Greece's current account deficit widened in February compared to the same month a year earlier, as a higher trade gap more than offset an increase in the services balance surplus, the Bank of Greece said on Thursday.

The data showed the deficit reached 937 million euros ($1.01 billion) from 828 million euros in February 2016. Tourism revenues fell slightly to 145 million euros from 150 million in the same month a year earlier.

"The deficit of the balance of goods increased year-on-year, mainly as a result of a rise in the deficit of the oil balance, owing to higher international oil prices," the Bank of Greece said.

It said the total value of exported goods and services grew 11.6 percent but imports increased more in absolute terms.

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. [Reuters]

Online