Account deficit widens

Greece’s current account deficit grew by 179 million euros to 411 million euros in July due to higher income account and trade gaps, the Bank of Greece said yesterday. «Underlying this widening of the deficit is a considerable increase in the income account deficit, as well as a rise in the trade deficit and a decrease in the current transfers surplus, which more than offset a relatively large increase in the services surplus,» the central bank said. The overall trade deficit widened, although the trade deficit excluding oil and ships contracted by 175 million euros. The growth of the overall trade deficit is attributable to a 193-million-euro increase in the net oil import bill and a considerable decrease (of 89 million euros) in the surplus of the ships’ balance. «The services balance improved, as its surplus grew by 237 million euros year-on-year,» the Bank of Greece said. (Reuters)