Financial News: Greece Current Account Deficit Widens In May

Greece Current Account Deficit Widens In May

07/22/2024 - 06:36:00 (RTTNews)

(RTTNews) - Greece's current account deficit widened in May from the last year largely reflecting the deterioration in goods trade and the primary income account, data released by Bank of Greece showed on Monday.

The current account deficit totaled EUR 2.35 billion in May compared to a shortfall of EUR 1.63 billion in the same period last year.

Due to the larger rise in imports than exports, the goods deficit increased to EUR 3.45 billion from EUR 3.02 billion last year.

The services surplus increased to EUR 1.89 billion in May due to an improvement in the other services balance and the balance of travel services.

Meanwhile, at EUR 566.2 million, the deficit in the primary income account widened as net receipts from other primary income decreased, while net interest, dividend and profit payments rose, data showed.

The deficit of the secondary income account deteriorated, owing to higher general government net payments. The deficit came in at EUR 221.3 million.

Further, data showed that the capital account deficit increased to EUR 102.0 million, mainly reflecting lower general government net receipts.

The deficit of the combined current and capital account came in at EUR 2.5 billion. In January-May period, the current account deficit increased by EUR 1.7 billion on a yearly basis and stood at EUR 9.1 billion.

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