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Greek current account deficit shrinks in April, tourism revenues rise
June 20, 2017 / 8:30 AM / 2 months ago

Greek current account deficit shrinks in April, tourism revenues rise

A woman pays for fruit and vegetables at a main food market in central Athens, Greece, May 22, 2017.Costas Baltas

ATHENS (Reuters) - Greece's current account deficit contracted in April compared to the same month a year earlier, thanks to a lower trade gap and an increase in the primary income surplus, the Bank of Greece said on Tuesday.

The data showed the deficit at 462 million euros ($515.45 million) from 872 million euros in April 2016. Tourism revenues rose slightly to 484 million euros from 434 million in the same month a year earlier.

"A year-on-year drop of 196 million euros in the deficit of the balance of goods is attributable to a decrease mostly in the deficit of the oil balance and to a lesser extent of the non-oil balance of goods," the Bank of Greece said.

Non-oil exports of goods at current prices remained virtually flat, while they declined by 2.6 percent at constant prices, it said.

The 176 million euro rise in the primary income account surplus was mainly due to higher net interest, dividend and profit receipts.

In 2016 as a whole, Greece posted a current account deficit of 1.1 billion euros versus a surplus of 206 million in 2015 as a result of a lower services balance surplus.

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CURRENT ACCOUNT (bln euros) 2017 2016

January -0.271 -0.771

February -0.937 -0.828

March -1.324 -0.772

April -0.462 -0.872

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* revised

source: Bank of Greece

($1 = 0.8963 euros)

Reporting by George Georgiopoulos

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