Greek current account deficit down in Jan-Nov 2019

The Greek current account deficit shrank by 1.7 billion euros in the January-November period, totaling 2.0 billion euros, the Bank of Greece said in a report on Monday. The central bank said that capital outflows for investments in bonds exceeded 25.8 billion euros in the same period.

The report attributed the lower deficit in the current account balance mainly to an increase of the surplus in the balance of services and to a lesser extent to an improvement in the balances of primary and secondary incomes. These development more than offset an expansion of the deficit in the balance of goods. Exports of goods (excluding fuel) rose 4.0 pct in current prices and 4.5 pct in fixed prices, while imports of goods grew by 3.6 pct in current and fixed prices in the 11-month period.

Travel receipts grew 13.0 pct in the January-November period, while tourist arrivals rose 4.0 pct in the same period, compared with the same period in 2018. The current account and capital balance showed a deficit of 1.6 billion euros, significantly down from a deficit of 3.3 billion euros recorded in the 11-month period in 2018. Direct investments recorded an inflow of 3.5 billion euros.