July 23, 2018 / 8:26 AM / 9 months ago

Greek current account swings to surplus in May, tourism revenues rise

    ATHENS, July 23 (Reuters) - Greece's current account balance
swung to a surplus in May compared to the same month a year
earlier on the back of improvements in all of its main
components, including the services and trade balances, the Bank
of Greece said on Monday.
    Central bank data showed the surplus at 191 million euros 
($225.14 million) from a deficit of 658 million euros in May
2017. Tourism revenues increased to 1.475 billion euros from
1.095 billion in the same month a year earlier.
    "The surplus of the services balance rose by 356 million
euros, which is almost entirely attributable to an improvement
in the travel balance. Non-resident arrivals increased by 23.6
percent year-on-year and the corresponding receipts grew by 34.7
percent," the Bank of Greece said.
    It said that the trade gap fell by 127 million euros to 1.4
billion euros with both the oil and the non-oil balance of goods
improving as exports rose more than imports. 
    In January to May, Greece's current account showed a deficit
of 4.0 billion euros, almost unchanged year-on-year, as higher
services and income account surpluses were offset by an
increased balance of goods deficit.
    In 2017 as a whole, Greece's current account deficit reached
1.5 billion euros, down by 418 million year-on-year.
CURRENT ACCOUNT (bln euros)      2018    2017

January                          -0.586 -0.340
February                         -1.294 -1.030
March                            -0.956 -1.412
April                            -1.344 -0.506
May                               0.191 -0.658        
* revised
source: Bank of Greece        

($1 = 0.8528 euros)

 (Reporting by George Georgiopoulos)
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