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Greece's current account deficit up €124M

21 July 17 - RE+D Magazine
Greece's current account deficit up €124M

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Antulio Richetta

Director IBI Group
Greece's current account showed a deficit that was up by 124 million euros year-on-year in May, as a result of increases in the deficit of the balance of goods and in the deficits of the primary and the secondary income accounts, which were only partly offset by a hike in the surplus of the services balance, the Bank of Greece said on Friday.

 

The central bank, in a monthly report, said that a year-on-year rise of 137 million euros in the deficit of the balance of goods was mostly attributable to an increase in the deficit of the non-oil balance of goods. It should be noted that non-oil exports of goods rose by 15.3 pct and oil exports by 17.5 pct at constant prices.

A 145 million euros rise in the surplus of the services balance is for the most part due to a 40.4 pct rise in net – mainly sea – transport receipts, as well as to higher net travel and other services receipts. In May 2017, non-residents' arrivals and the corresponding receipts showed an increase of 1.5 pct and 1.7 pct, respectively.

In the January-May 2017 period, the current account deficit fell by 64 million euros year-on-year and stood at 3.6 billion euros.

This development is attributable to an amelioration in the services balance and in the primary and the secondary income accounts, which more than offset an increase in the deficit of the balance of goods. The overall balance of goods and services showed a deficit of 4.8 billion euros, up by 347 million year-on-year, as a rise in exports was offset by an increase in imports.

In the January-May 2017 period, a year-on-year widening in the deficit of the balance of goods is primarily the result of an increase in the deficit of the oil balance. The deficit of the non-oil balance of goods also grew, given that imports increased faster than exports.

Specifically, non-oil exports of goods grew by 5.8 pct at constant prices and the corresponding imports by 6 pct. An increase of 532 million euros in the surplus of the services balance is the result of an improvement in all of its main components and mostly in the transport balance.

Compared with the January-May 2016 period, non-residents' arrivals increased by 2.4 pct and the corresponding receipts by 0.9 pct. In addition, transport receipts rose by 21.3 pct. In the January-May 2017 period, under direct investment, residents' external assets rose by 997 million euros and the corresponding liabilities grew by 1.6 billion.

At the end of May 2017, Greece's reserve assets stood at 6.3 billion euros, compared with 6.7 billion at the end of May 2016.

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