Greek current account shows surplus for first time in two years

Greece?s current account balance showed a surplus in June, for the first time in more than two years, the Bank of Greece said Tuesday.

?In July 2012, the current account balance showed — for the first time since May 2010 — a surplus, which came to 642 million euros, compared with a 880 million euros deficit in July 2011,? the bank said.

Greece?s central lender added that the trade deficit fell by 836 million euros as a result of a 389 million euros decrease in the trade deficit excluding oil and ships, as well as declines of 305 and 142 million euros in net payments for purchases of ships and the net oil bill respectively.

The trade deficit excluding oil and ships shrank due mainly to the considerably reduced import bill (down by 346 million euros or 15.8 percent), as export receipts rose by only 43 million euros or 3.9 percent.

In July, the capital transfers balance also showed a surplus of 151 million euros, compared with 254 million in July 2011, reflecting a decline in net EU capital transfers to the general government, the bank said.

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