Greece Current Account Gap Narrows
Greece’s current account deficit in January narrowed from a year ago, due to an improvement in all components, except the services trade balance.
The current account deficit decreased to EUR 0.436 billion from EUR 1.289 billion in the same month last year, data from the Bank of Greece showed Tuesday.
The visible trade balance narrowed as exports fell less than imports, mainly due to developments in oil exports and imports.
A deterioration in the transport, mainly sea transport, and the travel services balances, drove the decline in the surplus of the services trade.
Other services balance improved, while the travel balance fell to almost zero amid a sharp 90.9 percent drop in receipts that was led by an 87.9 percent slump in arrivals.
Balances in both the primary and secondary income accounts improved in January.