Greek current account gap shrinks in April

Greek current account gap shrinks in April

Greece’s current account deficit shrank in April from the same month a year earlier, helped by a lower trade gap and an income account surplus, the Bank of Greece said on Tuesday.

“The goods balance deficit fell by 276 million euros year-on-year as a result of a lower net oil bill. Net payments for purchases of ships rose,” the central bank said.

The data showed the deficit reached 822 million euros ($931.8 million) from 1.038 billion euros in April 2015. Tourism revenues fell slightly to 443 million euros from 477 million in the same month a year earlier.

In 2015 as a whole, Greece posted a current account deficit of 7.5 million euros, helped by higher tourism revenues – its biggest foreign currency earner.


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