ECONOMY

Greek current account deficit widens in May, tourism revenues rise

Greek current account deficit widens in May, tourism revenues rise

Greece's current account deficit grew in May compared to the same month a year earlier due to wider trade and primary income gaps, the Bank of Greece said on Friday.

The data showed the deficit at 582 million euros ($677.6 million) from 457 million euros in May 2016.

Tourism revenues rose slightly to 1.094 billion euros from 1.075 billion in the same month a year earlier.

"A year-on-year rise of 137 million euros in the deficit of the balance of goods was mostly attributable to an increase in the deficit of the non-oil balance of goods," the Bank of Greece said.

Non-oil exports of goods rose 15.3 percent while oil exports increased 17.5 percent at constant prices, the central bank said.

A 111 million euro rise in the primary income account deficit was mainly due to lower net interest, dividend and profit receipts, it said.

In 2016 as a whole, Greece posted a current account deficit of 1.1 billion euros versus a surplus of 206 million in 2015 as a result of a lower services balance surplus. [Reuters]

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