Greek current account swings to surplus in May, tourism revenues rise


Greece's current account balance swung to a surplus in May compared to the same month a year earlier on the back of improvements in all of its main components, including the services and trade balances, the Bank of Greece said on Monday.

Central bank data showed the surplus at 191 million euros  ($225.14 million) from a deficit of 658 million euros in May 2017. Tourism revenues increased to 1.475 billion euros from 1.095 billion in the same month a year earlier.

"The surplus of the services balance rose by 356 million euros, which is almost entirely attributable to an improvement in the travel balance. Non-resident arrivals increased by 23.6 percent year-on-year and the corresponding receipts grew by 34.7 percent," the Bank of Greece said.

It said that the trade gap fell by 127 million euros to 1.4 billion euros with both the oil and the non-oil balance of goods improving as exports rose more than imports.

In January to May, Greece's current account showed a deficit of 4.0 billion euros, almost unchanged year-on-year, as higher services and income account surpluses were offset by an increased balance of goods deficit.

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