BUSINESS

Greek current account surplus shrinks in August, tourism revenues rise

TAGS: Economy

Greece's current account balance showed a smaller surplus in August compared to the same month a year earlier on the back of a wider trade deficit and a deterioration in the primary income balance, the Bank of Greece said on Monday. 

Central bank data showed the surplus shrank to 1.564 billion euros from a surplus of 1.826 billion euros in August 2017. Tourism revenues increased to 3.6 billion euros from 3.55 billion in the same month a year earlier.

"In July the current account showed a surplus of 1.6 billion euros, down by 262 million year-on-year, mainly due to a deterioration in the primary income account, which was attributable to lower receipts from dividends, interest and profits," the Bank of Greece said.

It said the trade gap rose slightly despite a pickup in export growth. 

In January to August, Greece's current account showed a deficit of 910 million euros, up by 857 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]

 

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