BUSINESS

Greek current account surplus shrinks in June, tourism revenues rise

TAGS: Finance, Economy, Tourism

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.

The data showed the surplus at 842 million euros ($988.7 million) from 910 million euros in June 2016. Tourism revenues rose to 2.047 billion euros 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 euros 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 euros 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 percent respectively year-on-year, the central bank said. 

In 2016 as a whole, Greece had 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]

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