ECONOMY

Greek current account shows gap in June, tourism revenues plunge

greek-current-account-shows-gap-in-june-tourism-revenues-plunge

Greece's current account balance turned to a large deficit in June from a surplus in the same month last year on the back of a deterioration in the services balance due to a hit on tourism, the Bank of Greece said on Thursday.

Central bank data showed the deficit at 1.421 billion euros ($1.69 billion) from a surplus of 0.805 billion euros in June 2019.

The deficit in June was only partly offset by an improved trade balance after a bigger drop in imports compared to exports, the central bank said.

Tourism revenues plunged to 64 million euros from 2.55 billion in the same month a year earlier as the sector was hit by the impact of the new coronavirus pandemic on tourism.

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 euros. 

[Reuters]