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Greek current account deficit widens in May, tourism revenues rise
July 21, 2017 / 10:07 AM / a month ago

Greek current account deficit widens in May, tourism revenues rise

Greek national flags and a European Union flag flutter outside a shop in central Athens, Greece July 6, 2017.Alkis Konstantinidis

ATHENS (Reuters) - Greece's current account deficit grew in May compared to the same month a year earlier due to wider trade and primary income gaps, the Bank of Greece said on Friday.

The data showed the deficit at 582 million euros ($677.6 million) from 457 million euros in May 2016. Tourism revenues rose slightly to 1.094 billion euros from 1.075 billion in the same month a year earlier.

"A year-on-year rise of 137 million euros in the deficit of the balance of goods was mostly attributable to an increase in the deficit of the non-oil balance of goods," the Bank of Greece said.

Non-oil exports of goods rose 15.3 percent while oil exports increased 17.5 percent at constant prices, the central bank said.

A 111 million euro rise in the primary income account deficit was mainly due to lower net interest, dividend and profit receipts, it said.

In 2016 as a whole, Greece posted a current account deficit of 1.1 billion euros versus a surplus of 206 million in 2015 as a result of a lower services balance surplus.

Reporting by George Georgiopoulos

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