May 21, 2018 / 8:28 AM / a month ago

Greek current account deficit shrinks in March, tourism revenues rise

    ATHENS, May 21 (Reuters) - 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.
    In 2017 as a whole, Greece's current account deficit reached
1.5 billion euros, down by 418 million year-on-year.
    
***************************************************************
 CURRENT ACCOUNT (bln euros)      2018   2017

January                          -0.586 -0.340
February                         -1.294 -1.030
March                            -0.956 -1.412                  
                      
----------------------------------------------
* revised
source: Bank of Greece       


($1 = 0.8530 euros)

 (Reporting by George Georgiopoulos)
  
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