ECONOMY

Shipping revenues sank in 2009

Losses in revenues from shipping amounted to 5.6 billion euros in the first 11 months of 2009, according to official data released yesterday by the Bank of Greece. From 17.8 billion euros in the same period in 2008, the amount in receipts from the country’s biggest sector of the economy dropped to just 12.2 billion euros, a reduction that amounts to 2.3 percent of gross domestic product. There was also a decline in revenues from exports amounting to 4.5 billion euros for the same period year-on-year, and a drop in receipts from tourism, which reached 1.2 billion euros. For the whole of 2009, the current account deficit is expected to close at around 10-11 percent of GDP, after reaching 9.8 percent in November.