Bank of Greece: Tourism receipts up 6.4 percent in January-July period

Tourism receipts increased by 6.4 percent and tourism arrivals also increased by 8 percent in January-July, according to Bank of Greece’s data.

As a result, the current account improved in the January-July 2017 period as the deficit declined by 210 million euros year-on-year and stood at 1.2 billion euros. This development reflects improvements in the services balance and in the primary and the secondary income accounts, which more than offset the increase in the deficit of the balance of goods. The overall balance of goods and services showed a deficit of 2.2 billion euros, up by 131 million euros year-on-year, as a rise in exports of goods and services was more than offset by an increase in imports.

In the January-July 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. It should be noted that non-oil exports of goods rose by 5.2 percent and oil exports by 8.2 percent at constant prices, while the increase in the corresponding imports was 7.4 percent and 10.4 percent.

An increase of 1.0 billion euros in the surplus of the services balance is the result of an improvement in all of its main components.