Greece’s Account Surplus Drops in June, But Tourism Revenues are Up

Monday, August 21st, 2017
Last Update: 14:56

Greek current account surplus shrank in June, but tourism revenues were up, according to a Bank of Greece report released on Monday.

The shrinking is the result of a trade gap and a deficit in primary income balance.Specifically, account surplus was 842 million euros in June, compared to 910 million the same month last year.

At the same time, revenues from tourism went up to 2.047 billion euros, compared to 1.79 billion in June 2016.

“The current account of the balance of payments displayed a surplus that was lower by 68 million euros than a year earlier, primarily because the primary and secondary income accounts turned to deficits from surpluses,” the Bank of Greece said. However, part of that was offset by a stronger surplus in services.

“The rise in the surplus of the services balance by 221 million euros is solely attributable to an increase of 257 million in the surplus of travel balance,” the report said.

Specifically in June, foreign arrivals and the corresponding revenues rose by 13 and 14.2 percent respectively compared to 2016, the central bank said.

Overall, in 2016, Greece had a current account deficit of 1.1 billion euros versus a surplus of 206 million in 2015, as a result of a lower services balance surplus.

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