Greek current account balance shows surplus in Jan-Oct

21 December 2015
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Ιn October 2015, the current account showed a surplus of 314 million euros, against a deficit of 456 million euros in the same month of 2014, the Bank of Greece said on Monday. This improvement is mainly attributable to a decline in the deficit of the balance of goods, which offset the narrowing observed in the surplus of the services balance, resulting in an improved balance of goods and services. Moreover, the primary and secondary income accounts showed an improvement.

In the January-October 2015 period, the current account showed a surplus of 2.1 billion euros, against a deficit of 403 million euros in the corresponding period of 2014. This reflects the improved balance of goods and services, which registered a surplus of 1.9 billion euros, against a deficit of 1.4 billion euros in the same period of 2014, mainly due to the reduced import bill. Overall, receipts from exports of goods and services fell by 8 percent, but the corresponding import bill decreased at a faster pace of 14.2 percent. In the same period, the primary and secondary income accounts deteriorated.

The deficit of the balance of goods declined by 4.4 billion euros, due to an improvement in all subaccounts. More specifically, receipts from exports of goods excluding oil and ships rose by 5.6 percent, while the corresponding import bill did not show any remarkable change.

The surplus of the services balance shrank, as net transport receipts registered a decline, which was partly offset by a rise in net travel and other services receipts. In the January-October 2015 period, total non-residents’ arrivals increased by 7.9 percent year-on-year, while the corresponding receipts grew by 4.1 percent.

In October 2015, the capital account showed a surplus of 1.1 billion euros, due to a significant rise in net capital transfers from the EU to general government. In the January-October 2015 period, the capital account showed a surplus of 1.7 billion euros, down by 118 million euros year-on-year.

In October 2015, the combined current and capital account (corresponding to the economy’s external financing requirements) showed a surplus of 1.4 billion euros, against a deficit of 466 million euros in the same period of 2014. In the January-October 2015 period, a surplus of 3.8 billion euros was recorded, up by 2.4 billion euros year-on-year.

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