Greek current account gap shrinks 43pc y/y in March

ATHENS: Greece's current account deficit narrowed 43 percent in March, helped by falling imports due to the country's recession, the Bank of Greece said on Wednesday.

The current account balance, a key measure of economic competitiveness, showed a deficit of 1.285 billion euros ($1.65 billion) from 2.237 billion euros in the same month last year.

Falling imports due to the country's deep economic contraction and cost-competitiveness gains are narrowing the gap, which is expected to shrink to 2.8 percent of GDP this year from 5.3 percent in 2012, based on EU Commission forecasts.

Tourism receipts, the country's biggest money earner, dropped 14 percent year-on-year to 137 million euros in March.