Greece Current Account Gap Widens In May

Greece’s current account deficit widened in May due to the worsening in the balances of goods and services trade, data from the Bank of Greece showed on Wednesday.

The current account deficit increased to EUR 1.4 billion from EUR 926 million in the same period last year.

The visible trade deficit increased to EUR 1.8 billion from EUR 1.2 billion last year, due to a larger rise in imports than in exports.

The surplus in the services balance registered a small decline, which was due to the deterioration in the transport balance. The services surplus came in at EUR 315.8 million versus EUR 331.1 million a year ago.

The surplus of the primary income account more than doubled to EUR 192.1 million, mainly on account of a year-on-year shift from net payments to net receipts of interest, dividends and profits and, secondarily, owing to an increase in net receipts from other primary income.

The secondary income account deficit fell to EUR 93.9 million, chiefly as a result of lower general government payments in May.

During January to May period, the current account deficit rose to EUR 6.17 billion, due to a deterioration in the balances of goods and services and the secondary income account, which was partly offset by an increase in the surplus of the primary income account.

In May, the surplus of the capital account remained virtually unchanged at EUR 202 million.

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