Greek current account shows gap in May, tourism revenues plunge

Greece’s current account balance turned to a deficit in May from a surplus in the same month last year, on the back of a deterioration in the services and secondary incomes balances, the Bank of Greece said on Tuesday.

Central bank data showed the deficit at 0.914 billion euros ($1.05 billion) from a surplus of 0.27 billion euros in May 2019.

The deficit in May was contained by a bigger drop in imports compared to exports, the central bank said.

Tourism revenues plunged to 13 million euros from 1.566 billion 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]