Tourism takings fall

Revenues from tourism services declined by a considerable 17.5 percent in the first couple of months of 2012 year-on-year, according to data released on Thursday by the Bank of Greece.

This is attributed to the 11.1 percent drop in foreign arrivals in January and February that left even popular resorts such as the old town of Rethymno (pictured) emptier than usual.

There was also a 26.1 percent slump in Greeks? travel expenditure abroad, the data showed.

The country?s central bank further said that the current account deficit shrank by 44.1 percent year-on-year, dropping from 4.65 billion euros to just 2.6 billion in the first two months of 2012. There was also a net outflow in direct investment, amounting to 305 million euros.