Reuters logo
UPDATE 1-Greek current account gap shrinks sharply in January
March 20, 2012 / 11:49 AM / 6 years ago

UPDATE 1-Greek current account gap shrinks sharply in January

ATHENS, March 20 (Reuters) - Greece's current account
deficit shrank 46 percent year on year in January, helped by a
smaller trade gap, the country's central bank said on Tuesday,
in a rare bit of good news for the recession-hit economy.	
    The deficit narrowed to 1.5 billion euros ($1.98 billion)
from 2.75 billion in the same month in 2011, the Bank of Greece
said.	
    A key indicator of macroeconomic imbalance, the current
account gap reflects eroded economic competitiveness, in part
due to wage increases above productivity.	
    "The current account gap shows significant improvement in
January, helped by the continuing growth of exports, a marked
drop in the volume of fuel imports and lower outlays for tourism
and transport services abroad," said Nikos Magginas, an
economist at National Bank of Greece.	
    He expects the narrowing trend to gather pace in the rest of
the year, especially if the contribution from tourism and
shipping accelerates from the second quarter onwards. 	
    Greece shrank its current account gap to 9.8 percent of
gross domestic product last year from 10.5 percent in 2010 and
11 percent in 2009.	
    The central bank sees the deficit narrowing further to about
7 percent of GDP this year. 	
********************************************************	
    KEY FIGURES (bln euros)     2012      2011	
    January                   -1.492     -2.757	
                                2011      2010	
    December                  -2.172     -1.819	
    November                  -2.303     -2.483	
    October                   -1.503     -2.252	
    September                 -1.097     -1.251	
    Year-to-December         -21.070    -22.976	
    --------------------------------------------	
    DATA IN DETAIL (bln euros)	
                              Jan 2012  Jan 2011	
    Trade balance             -2.338    -3.232	
    Exports                    1.744     1.399	
    Imports                    4.081     4.630	
    Services balance             530       312	
    Income balance              -474      -518	
    ------------------------------------------	
    source: Bank of Greece

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below