Greek current account deficit shrinks in March, tourism revenues rise

ATHENS: Greece's current account deficit shrank in March compared to the same month a year earlier on the back of a lower trade gap which more than offset a decrease in the services balance surplus, the Bank of Greece said on Monday.

Central bank data showed the deficit at 0.956 billion euros ($1.12 billion) from a deficit of 1.412 billion euros in March 2017. Tourism revenues rose to 252 million euros from 197 million in the same month a year earlier.

"The drop in the balance of goods deficit is attributable to an improvement in the oil balance, as oil exports increased by 11.9 percent or by 3.1 percent at constant prices, while the corresponding imports fell by 21.2 percent," the Bank of Greece said.

In the first quarter of 2018, Greece's current account showed a deficit of 2.8 billion euros, up by 53 million year-on-year, mainly due to a decline in the services surplus. By contrast, the trade balance and the primary income account improved, the central bank said.