Greek current account gap shrinks in April, tourism revenues plunge

Greece’s current account balance showed a smaller deficit in April compared to the same month last year, on the back of an improved trade balance, the Bank of Greece said on Friday.

Central bank data showed the deficit at 1.133 billion euros ($1.27 billion) from a deficit of 1.397 billion euros in April 2019.

Tourism revenues plunged to 7.0 million euros from 544 million in the same month a year earlier as the sector was hit by the impact of a lockdown to contain the spread of the new coronavirus.

In 2018, Greece's current account showed a deficit of 5.3 billion euros, up 2.1 billion year-on-year as the trade gap widened. In 2019 the current account showed a deficit of 2.6 billion euros. [Reuters]