ECONOMY

Greek current account surplus shrinks in July

Greece’s current account surplus shrank in July compared to a year ago, according to balance of payments figures released by the central bank on Monday.

The surplus stood at 1.683 billion euros ($2.16 billion) versus a surplus of 2.822 billion euros in July last year, due to lower receipts of funds from the European Union.

Greece posted a current account surplus of 1.24 billion euros last year, or about 0.7 percent of gross domestic product. It is expected to post a surplus again this year due to shrinking imports and higher revenues from tourism, the country’s biggest foreign-currency earner.

Tourism revenues rose to 2.744 billion euros in July from 2.4 billion euros in July 2013.

[Reuters]