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Financial News: Greece Current Account Deficit Widens In October

Greece Current Account Deficit Widens In October

12/21/2020 - 05:19:00 (RTTNews)

(RTTNews) - Greece's current account deficit widened in October from last year reflecting a decline in the services surplus, the Bank of Greece reported Monday.

The current account shortfall increased to EUR 767.4 million from EUR 677.7 million in the same period last year.

The decline in the services surplus was partly offset by improvements in the balance of goods and the primary and secondary income accounts.

The services surplus declined to EUR 851.5 million from EUR 1.64 billion last year, largely due to lower net travel receipts. Meanwhile, the deficit on goods trade narrowed to EUR 1.44 billion from EUR 2.05 billion previous year.

The shortfall in primary income fell to EUR 41.5 million from EUR 107.8 million and that on secondary income decreased to EUR 139.2 million from EUR 155.5 million.

In October, the capital account showed a surplus of EUR 507 million, against a small deficit of EUR 8 million in the same month of the previous year, owing to higher net EU capital transfers to the general government.

In the January-October 2020 period, the current account showed a deficit of EUR 9.4 billion, up by EUR 8.6 billion from last year.

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