BUSINESS

Greek current account surplus widens in July, tourism revenues rise

TAGS: Economy

Greece’s current account surplus rose in July compared to the same month a year ago due to a stronger services balance and a smaller income account deficit, the Bank of Greece said on Wednesday.

The data showed the surplus at 1.569 billion euros ($1.88 billion) from 1.356 million euros in July 2016. Tourism revenues rose to 2.93 billion euros from 2.77 billion in the same month a year earlier.

“A year-on-year rise of 249 million euros in the surplus of the services balance is due to an improvement in all its main components, most importantly in the travel balance, the surplus of which widened by 169 million,” the Bank of Greece said.

In July foreign arrivals and the corresponding revenues rose by 10.2 and 5.3 percent respectively year-on-year, the central bank said.    

“The improvement in the primary income account is attributable, primarily, to lower net interest, dividend and profit payments," 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]

Online