Greek current account swings to surplus in May

Greece’s current account balance swung a small surplus in May, helped by a narrower trade gap and higher tourism receipts, the Bank of Greece said on Friday.

The current account balance, a key measure of economic competitiveness, showed a surplus of 35.5 million euros ($46.48 million) from a deficit of 1.228 billion euros in the same month last year.

Tourism receipts, the country’s biggest money earner, rose 38.5 percent year-on-year to 1.054 billion euros in May. This brings total tourism receipts in the first five months of the year to 1.733 billion euros, up 15.5 percent compared with the same period last year.