Current account deficit widens in November

Greece’s current account balance showed a wider deficit in November compared to the same month a year ago, on the back of a larger trade gap and a weaker primary income balance, the Bank of Greece said on Monday.

Central bank data showed the deficit at 1.417 billion euros from a deficit of 1.125 billion euros in November 2017.

Tourism revenues increased to 326 million euros from 229 million in the same month a year earlier.

“The deficit of the balance of goods grew, owing to a worsening of the oil balance, while the non-oil balance of goods improved. The primary income account deteriorated, almost exclusively as a result of higher net interest, dividend and profit payments,” the Bank of Greece said.

In January to November, Greece’s current account showed a deficit of 3.8 billion euros, up by 2.1 billion euros year-on-year as the trade deficit widened.

In 2017 as a whole, Greece’s current account deficit reached 1.5 billion euros, down by 418 million year-on-year.

[Reuters]