Greek current account swings to surplus in October on cheaper oil

Greece's current account recorded a surplus in October compared to a deficit in the same month a year earlier, mainly due to a smaller balance of goods deficit as a result of cheaper oil, the Bank of Greece said on Monday.

"The balance of goods deficit shrank by 721 million euros year-on-year, mainly as a result of the lower net oil import bill, owing to the fall in oil prices," the central bank said.

The data showed the surplus reached 314 million euros versus a deficit of 456 million euros in October 2014. Tourism revenues dropped slightly to 961 million euros from 1.0 billion euros in the same month last year.

Last year Greece posted a current account surplus of 1.66 billion euros, up from 1.09 billion euros in 2013, helped by higher tourism revenues – its biggest foreign currency earner. [Reuters]