ECONOMY

Current account deficit shrinks in March, y-o-y

current-account-deficit-shrinks-in-march-y-o-y

Greece’s current account balance showed a smaller deficit in March compared to the same month last year, on the back of improved trade and primary income account balances that offset a smaller services surplus, the Bank of Greece said on Thursday.

Central bank data showed the deficit at 1.106 billion euros from a deficit of €1.538 billion in March 2019.

Tourism revenues plunged to €92 million from €318 million in the same month a year earlier.

In 2018, Greece’s current account showed a deficit of €5.3 billion euros, up €2.1 billion year-on-year as the trade gap widened.

In 2019 the current account showed a deficit of €2.6 billion. [Reuters]