Greece Current Account Gap Narrows In February

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Greece’s current account deficit declined in February underpinned by an improvement in the balance of goods and primary income, the Bank of Greece reported Tuesday.

The current account gap fell by EUR 314 million from the last year to EUR 840 million in February.

Driven by a 9.5 percent rise in exports, the visible trade deficit narrowed to EUR 1.33 billion from EUR 1.79 billion last year. Meanwhile, the surplus on services trade declined to EUR 230.1 million from EUR 386.9 million a year ago.

The surplus of the primary income account more than doubled, mainly on account of lower net interest, dividend and profit payments. Primary income totaled EUR 346.8 million versus EUR 155.9 million a year ago.

The secondary income account recorded a deficit, chiefly as a result of higher general government payments. The deficit on secondary income was EUR 83.5 million compared to a surplus of EUR 96.5 million last year.

In the January-February 2021 period, the current account showed a deficit of EUR 1.3 billion, down by EUR 1.2 billion year-on-year.

In February, the capital account registered a deficit of EUR 3.2 million, against a surplus of EUR 107 million year-on-year, data showed.

The material has been provided by InstaForex Company – www.instaforex.com

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