Current account gap widens in January as services surplus shrinks

Greece’s current account deficit widened in January from the same month a year earlier after weaker surpluses in the services balance and primary income account, the Bank of Greece said on Tuesday.

“The surplus of the services balance almost halved year-on-year, declining by 218 million euros, as a result of lower net transport receipts – mainly sea transport receipts,” the central bank said.

The data showed the deficit reached 742 million euros ($831.4 million) from 281 million euros in January 2015. Tourism revenues fell slightly to 161 million euros from 169 million in the same month a year earlier.

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