ECONOMY

Greek current account deficit shrinks in November, tourism revenues rise

Greek current account deficit shrinks in November, tourism revenues rise

Greece's current account deficit shrank in November 2017 compared to the same month a year earlier on the back of a lower trade gap, the Bank of Greece said on Monday.

Central bank data showed the deficit at 0.954 billion euros from a deficit of 1.25 billion euros in November 2016.

Tourism revenues rose to 225 million euros from 222 million in the same month a year earlier.

"In November the current account showed an improvement of 296 million euros year-on-year. This development is almost entirely attributable to a decrease in the deficit of the balance of goods," the Bank of Greece 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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