ECONOMY

Greek current account deficit widens in December, tourism revenues up

Greek current account deficit widens in December, tourism revenues up

Greece's current account deficit widened in December 2017 compared to the same month a year earlier on the back of a worsening in all components apart from the trade gap which shrank, the Bank of Greece said on Tuesday.

Central bank data showed the deficit at 1.241 billion euros from a deficit of 1.008 billion euros in December 2016. Tourism revenues rose slightly to 182 million euros from 181 million in the same month a year earlier.

"This development was the result of a worsening in all of its main components apart from the balance of goods," the Bank of Greece said.

It said a lower trade deficit in the month was the result of a stronger rise in oil and non-oil exports compared to imports.

In 2017, Greece's current account deficit reached 1.5 billion euros, down by 418 million year-on-year.

This mainly reflected improvements in the services balance and, to a lesser extent, the primary and the secondary income accounts which more than offset an increase in the trade deficit.

[Reuters]

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