BUSINESS

Greek current account surplus widens in July

TAGS: Economy

Greece’s current account balance showed a slightly larger surplus in July compared to the same month a year earlier on the back of a wider services surplus that offset an increased trade deficit, the Bank of Greece said on Thursday.

Central bank data showed the surplus rose to 1.577 billion euros from a surplus of 1.545 billion euros in July 2017.

Tourism revenues increased to 3.38 billion euros from 2.95 billion in the same month a year earlier.

“In July the services balance surplus increased by 469 million euros, due mainly to an improvement in the tourism balance.

Non-resident arrivals rose 7.7 percent compared to the same month in 2017 and the respective revenues by 14.4 percent,” the Bank of Greece said.

It said the trade gap grew by 198 million euros to 1.7 billion as imports outstripped exports. In January to July, Greece’s current account showed a deficit of 2.2 billion euros, up by 524 million euros year-on-year as the trade deficit widened and the primary income account surplus shrank.

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

[Reuters]

Online