ECONOMY

Greek current account deficit shrinks in October

Greece’s current account deficit shrank in October compared to the same month last year while tourism receipts rose, according to central bank data published on Monday.

The deficit stood at 0.198 billion euros ($0.243 billion) versus a deficit of 0.316 billion euros in October last year.

Greece posted a current account surplus of 1.24 billion euros last year, or about 0.7 percent of gross domestic product.

It is seen posting a surplus again this year due to shrinking imports and higher tourism revenues, its biggest foreign-currency earner.

Tourism revenues rose to 993 million euros in October from 950 million euros in the same month in 2013.

[Reuters]