Bank of Greece: Greek current account deficit up in January – February

The Greek current account balance deteriorated in the first two months of the year, with the deficit totaling 1.9 billion euros, up 509 million from the deficit in the same period in 2017, the Bank of Greece said on Friday.

The central bank, in a report, attributed this development primarily to an increase in the balance of goods deficit (reflecting an increase in the deficit of the fuel balance). Exports of goods grew 16.9 pct in the January-February period (up 15.1 pct in stable prices), exceeding the growth rate of imports (up 14 pct and 10 pct in current and stable prices, respectively). However, the value of imports was higher than the value of exports, resulting in an increase in the deficit.

The travel balance deteriorated despite a 12.7 pct increase in arrivals and a 4.2 pct rise in receipts, the services balance also worsened, the transport balance was almost unchanged and the primary and secondary incomes balances fell in the two-month period. The capital balance surplus fell by 73 million euros in the January-February 2018 period, compared with the same period last year, while the balance of the current account transactions and capital showed a deficit of 1.7 billion euros, up 582 million from 2017.