Greek current account gap shrinks in March on lower trade deficit

20 May 2016
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Greece’s current account deficit shrank in March from the same month a year earlier, helped by a lower trade gap and a stronger income account surplus, the Bank of Greece said on Friday.

“The deficit of the balance of goods decreased by 438 million year-on-year, mainly on account of the lower net oil import bill, while net payments for purchases of ships increased,” the central bank said.

The data showed the deficit reached 708 million euros ($793.67 million) from 1.48 billion euros in March 2015. Tourism revenues rose to 221 million euros from 204 million in the same month a year earlier.

In 2015 as a whole, Greece posted a current account deficit of 7.5 million euros, helped by higher tourism revenues – its biggest foreign currency earner.

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