Bank of Greece: 1.2 billion euros current account balance surplus

The surplus in the Greek current account balance for August stood at 1.221 billion euros, compared with 1.633 billion last year, according to data released by the Bank of Greece. The decrease is mainly due to the increase in the deficit of income and the emergence of deficit in the current transfers balance, which has recorded a surplus in August 2012, while the trade deficit has also increased. These developments were partly offset by the increase in the surplus of balance services.

Tourist revenues rose to 2,845 billion euros from 2.432 billion in August 2012. Also, the trade deficit, excluding oil and ships was narrowed as the rise in revenues from exports continued and the expenses for imports were reduced. But these developments did not offset the decline in the balance of oil and ships, resulting in the increase of the overall trade deficit.