Greece June Current Account Swings To Deficit

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Greece’s current account deficit swung to a deficit in June this year versus a surplus last year, mainly due to the deterioration in travel and services balances, the Bank of Greece said Thursday.

The current account showed a deficit of EUR 1.4 billion versus a surplus of EUR 805 million in June last year.

“This development is mainly attributable to a deterioration in the travel balance and, therefore, the services balance, which was partly offset by an improvement in the balance of goods, as imports of goods decreased more than the respective exports,” the bank said.

Meanwhile, the primary and the secondary income accounts did not show any significant change, the bank added.

In the?first half of the year, the current account deficit rose by EUR 2.9 billion year-on-year to EUR 7.0 billion.

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