Greek current account deficit increased in April

Greek current account deficit increased in April

Greece’s current account deficit widened in April compared to the same month a year earlier on the back of a larger trade gap and a smaller services balance surplus, the Bank of Greece said on Wednesday.

Central bank data showed the deficit at 1.344 billion euros from a deficit of 0.506 billion euros in April 2017. Tourism revenues edged higher to 490 million euros from 485 million in the same month a year earlier.

“The rise in the balance of goods deficit by 503 million euros is mainly attributable to the higher net oil import bill,” the Bank of Greece said.

It said that excluding oil, the trade gap showed a small increase of 73 million euros as imports increased in absolute terms more than exports.

A contraction in the services surplus was due to lower net receipts, mainly from travel services, despite a 9.6 percent rise in arrivals, the central bank said.

In 2017 as a whole, Greece’s current account deficit reached 1.5 billion euros, down by 418 million year-on-year. [Reuters]

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