Greece Posts C/A Surplus in 2013

Greece Posts C/A Surplus in 2013

Greece posted a current account surplus in 2013, for the first time in several decades, indicating a return to sustainable economic growth, the Athens News Agency-Macedonian Press Agency reported.

Bank  of Greece data showed that the current account balance recorded a surplus of around 1.2 billion euro, or 0.7% of gross domestic product (GDP) in 2013, after a deficit of 4.6 billion euro or 2.4% of GDP a year earlier, the enws agency said.

The surplus in the external balance of the country combined with a primary budget surplus achieved in 2013, erased the two causes of the Greek economic crisis, the huge twin deficits in the state budget and the current account balance, unnamed finance ministry officials told ANA-MPA. The finance ministry officials said the positive current account figures were largely due to shrinking trade deficit.

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