Greece July Current Account Deficit Narrows

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Friday, the Bank of Greece said in a report that the current account deficit narrowed to 1.88 billion euros in July from 2.41 billion euros reported a year ago. The deficit shrinkage was largely due to a big contraction in the trade deficit.

In July, the overall trade deficit declined to 2.96 billion euros from 4.08 billion euros last year. The services account surplus narrowed to 2.11 billion euros from 3.07 billion euros in the previous year. Current transfers surplus rose to 95.5 million euros from 51.1 million euros.

Capital transfers surplus was down to 354.6 million euros compared to 401.5 million euros a year ago. The financial account surplus decreased modestly to 1.72 billion euros from 1.76 billion euros last year.

From the January to July period, the current account deficit stood at 16.61 billion euros, smaller than the 21.56 billion euros deficit in the same period of the preceding year.

Friday, the Bank of Greece said in a report that the current account deficit narrowed to 1.88 billion euros in July from 2.41 billion euros reported a year ago. The deficit shrinkage was largely due to a big contraction in the trade deficit. (Market News Provided by RTTNews)