Greek Current Account Surplus up Significantly in Jan-Oct

Greek Current Account Surplus up Significantly in Jan-Oct

Greece's current account deficit rose slightly to 199 million euros in October, from 118 million in the same month last year, reflecting the improvement, on the one hand, in the services balance, owing mainly to a rise in net transport and “other” services receipts, and, on the other hand, in the current transfers balance, due to an increase in net transfers from the EU, despite the deterioration in the trade balance, the Bank of Greece said on Monday.
The central bank, in a report, said that the country's trade deficit grew by 209 million year-on-year, owing to the higher net import bill for oil and other goods excluding ships. By contrast, net payments for purchases of ships decreased considerably.
The trade deficit excluding ships grew, despite a 12.0 pct rise in oil export receipts and a 9.4 pct rise in ‘’other’’ goods export receipts.The surplus of the services balance widened by 199 million euros year-on-year, primarily on account of improvements in the transport and in the “other” services balances. Travel receipts increased by 4.6 pct, reflecting an 18.9 pct rise in non-residents’ arrivals, which was largely offset by a rise in travel spending by residents abroad.

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