Greek current account surplus shrinks in June despite tourism revenues rise

Greece's current account surplus dropped in June compared to the same month a year earlier due to a wider trade gap and a deficit in the primary income balance, the Bank of Greece said on Monday, Reuters reports and adds: The data recorded the surplus at 842 million euros ($988.7 million) from 910 million euros in June 2016. Tourism revenues rose to 2.047 billion euros from 1.79 billion in the same month a year earlier. "The current account of the balance of payments showed a surplus that was lower by 68 million euros than a year earlier, primarily because the primary and secondary income accounts turned to deficits from surpluses," the Bank of Greece noted. To a large extent this was offset by a stronger surplus of the services balance, the central bank announced. "The rise in the surplus of the services balance by 221 million euros is solely attributable to an increase of 257 million in the surplus of the travel balance," it added. In June foreign arrivals and the corresponding revenues rose by 13 and 14.2 percent respectively year-on-year, the central bank continued. In 2016 overall, Greece had 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. Read more here.RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism reportPhoto Source: Wikimedia Commons Copyright: Bryan Ledgard License: CC-BY-SASource: Reuters