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Financial News: Greece Current A/c Deficit Widens In December

Greece Current A/c Deficit Widens In December

02/22/2021 - 06:30:00 (RTTNews)

(RTTNews) - Greece's current account deficit widened in December, due to the deterioration of the services and secondary income balances. The current account deficit widened to EUR 653.8 million from EUR 572.3 million in the same month last year, data from the Bank of Greece showed Monday. The services trade balance decreased by more than a half, as holiday travel was affected by the restrictions to battle the resurgence in coronavirus infections across Europe. Receipts from travel services and incoming travel traffic decreased 88.6 percent and 86.0 percent year-on-year, respectively. Receipts from maritime transport dropped 29.0 percent.

Improvement in the balances of goods and primary income offset the wider deficits in services and secondary income. The primary income balance was boosted by lower interest, dividend and profit payments. The secondary income balance surplus decreased mainly due to a fall in general government net income.

For the year 2020, the current account deficit widened to EUR 11.2 billion from EUR 2.725 billion in 2019. The widening was driven by the reduction in the services surplus that was partially offset by the reduction of the goods deficit and the improvement of the primary income balance.

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