August 20, 2018 / 8:20 AM / a year ago

Greek current account surplus shrinks in June, tourism revenues rise

ATHENS (Reuters) - Greece’s current account balance showed a smaller surplus in June compared to the same month a year earlier on the back of a wider trade deficit, the Bank of Greece said on Monday.

Central bank data showed the surplus fell to 210 million euros ($240.18 million) from a surplus of 737 million euros in June 2017. Tourism revenues increased to 2.33 billion euros from 2.007 billion in the same month a year earlier.

“In June the current account ... (was) down by 527 million euros year-on-year, as a result of a deterioration principally in the balance of goods and to a lesser extent in the primary income account,” the Bank of Greece said.

It said the trade gap rose by 535 million euros as imports outstripped exports, mainly the result of a worsening in the oil balance.

In January to June, Greece’s current account showed a deficit of 3.8 billion euros, up by 555 million euros year-on-year as the trade deficit widened and the primary income account surplus shrank.

In 2017 as a whole, Greece’s current account deficit reached 1.5 billion euros, down by 418 million year-on-year.

Reporting by George Georgiopoulos

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