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Financial News: Greece Current Account Deficit Narrows In June

Greece Current Account Deficit Narrows In June

08/19/2022 - 09:21:00 (RTTNews)

(RTTNews) - Greece's current account deficit decreased in June due to an improvement in the services balance, data from the Bank of Greece showed on Friday.

The current account deficit narrowed to EUR 722 million from EUR 1.3 billion in the same period last year.

The visible trade deficit increased to EUR 2.95 billion from EUR 2.08 billion last year, due to a larger rise in imports than in exports.

The surplus in the services balance rose notably to EUR 2.74 billion from EUR 847.5 million a year ago.

The deficit of the primary income account widened to EUR 254.1 million, mainly owing to lower receipts from other primary income.

The secondary income balance registered a shortfall of EUR 263.5 million versus a surplus of EUR 27.3 million in the previous year.

In June, the surplus of the capital account rose to EUR 421.8 million, while the financial account deficit narrowed to EUR 225 million.

During the first half of this year, the current account deficit climbed to EUR 10.84 billion from EUR 7.38 billion in the corresponding period last year.

This was mainly due to a worsening of the balance of goods and, secondarily, of the primary income account, which was offset to a degree chiefly by an improvement in the balance of services, but also in the secondary income account.

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