Greek current account deficit widens in December, tourism revenues up

TAGS: Economy, Tourism

Greece's current account deficit widened in December 2017 compared to the same month a year earlier on the back of a worsening in all components apart from the trade gap which shrank, the Bank of Greece said on Tuesday.

Central bank data showed the deficit at 1.241 billion euros from a deficit of 1.008 billion euros in December 2016. Tourism revenues rose slightly to 182 million euros from 181 million in the same month a year earlier.

"This development was the result of a worsening in all of its main components apart from the balance of goods," the Bank of Greece said.

It said a lower trade deficit in the month was the result of a stronger rise in oil and non-oil exports compared to imports.

In 2017, Greece's current account deficit reached 1.5 billion euros, down by 418 million year-on-year.

This mainly reflected improvements in the services balance and, to a lesser extent, the primary and the secondary income accounts which more than offset an increase in the trade deficit.