Greek current account deficit widens in January, tourism revenues drop

ATHENS: Greece's current account deficit widened in January compared to the same month a year earlier on the back of a worsening in the trade and services balances, the Bank of Greece said on Friday.

Central bank data showed the deficit at 586 million euros from a deficit of 340 million euros in January 2017. Tourism revenues fell slightly to 153 million euros from 158 million in the same month a year earlier.

"The rise in the deficit of the balance of goods is primarily accounted for by an increase in the negative oil bill, and secondarily, a rise in the deficit of the non-oil balance of goods," the Bank of Greece said.

It said exports of goods continued their upward course, increasing by 16.2 percent at constant prices year-on-year but at the same time imports, mainly of oil and ships, grew more.