ECONOMY

Greek current account deficit down 42.5% y-o-y to 1.3bln euros in March

The current account balance showed a deficit of 1.3 billion euros in March, down by 952 million euros or 42.5 percent year-on-year, the Bank of Greece said on Wednesday.

Greece’s central bank said the fall is mainly due to declines in the trade deficit and the income account deficit.

Greece’s trade deficit contracted by 365 million euros, mainly as a result of a 377-million-euro decrease in the net oil import bill, the central bank said.

Receipts from exports of goods excluding oil and ships rose by 4.1 percent, while the corresponding import bill fell by 5.6 percent.

The income account deficit shrank by 490 million euros, almost exclusively owing to a decline in net interest, dividend and profit payments.