Greek current account deficit down in Jan-Feb

Last update: 16:59

 

In February 2017, the current account showed a deficit of €937 million, up by €109 million year-on-year. This development is attributable to an increase in the deficit of the balance of goods, which more than offset a rise in the surplus of the services balance, and to a decrease in the surplus of the primary income account. By contrast, the secondary income account improved. The total value of exports of goods and services grew by 11.6%, but the corresponding imports increased more in absolute terms, resulting in a slight deterioration in the overall balance of goods and services.
The deficit of the balance of goods increased year-on-year, mainly as a result of a rise in the deficit of the oil balance, owing to higher international oil prices. By contrast, the non-oil balance of goods improved. However, it should be noted that non-oil exports of goods declined by 1.8% at constant prices and the corresponding imports by 1.2%.
The surplus of the services balance expanded by €158 million year-on-year, as a result of the improved travel and other services balance, while net transport receipts decreased slightly. More specifically, travel receipts fell by 3.1%, in spite of a 2.6% rise in arrivals. The improvement in the travel balance is due to the fact that the decline in spending by residents travelling abroad was larger than the decline in spending by non-residents travelling in Greece.
In February 2017, the primary income account showed a surplus of €261 million, down by €146 million year-on-year, mainly as a result of a decline in net receipts under other primary income, which includes taxes and subsidies on products and production. The secondary income account showed a surplus of €115 million, up by €69 million year-on-year, mainly due to the improved balance of the general government sector.
In the January-February 2017 period, the current account improved by €392 million year-on-year and stood at €1.2 billion. This improvement is attributable to increased surpluses in the services balance, the primary income and the secondary income accounts. By contrast, the deficit of the balance of goods rose. The overall balance of goods and services recorded a deficit of €2.4 billion, up by €259 million year-on-year, as a rise in the services surplus was more than offset by an increase in the goods deficit.
The deficit of the balance of goods increased in the above mentioned period compared with the January-February 2016 period, mainly as a result of a rise in the deficit of the oil balance. Increases were also recorded in the deficit of the balance of goods excluding oil. Specifically, exports of goods excluding oil grew by 2.5% at constant prices and the corresponding imports by 5.4%.
The surplus of the services balance expanded by €253 million compared with the January-February 2016 period, reflecting improvements in all of its main components. Travel receipts fell by 2.7%, in spite of a 7.9% rise in non-residents’ arrivals.
In the January-February 2017 period, the primary and secondary income accounts improved year-on-year.


Μore on subscriber's page
© ANA-MPA SA. Intellectual rights and copyright are the sole property of the ANA-MPA and are allocated to the Agency's subscribers for specific uses only.
NEWS
  • 23:03   Athens' 17th century Fethiye Mosque opens to the public
  • 21:15   Infrastructure minister says will soon reveal information on OASTh mismanagement
  • 20:05   Firty-six fires started in Greece in past 24 hours; most of them extinguished
  • 19:42   Worker crushed by lifting equipment in PPC mine
  • 18:28   Dimitris Papadimitriou named 2017 Laser Radial Youth world champion
  • 16:33   Belgian woman arrested on terror ties to appear before prosecutor
  • 16:11   Athens Newspapers Headlines
  • 15:50   Fitch upgrade shows 3rd review will be completed without instability-finance ministry
  • 23:46   Funeral of actress Zoe Laskari to be held on Aug. 22
  • 23:36   Fitch upgrades Greece to 'B-' from 'CCC' with positive outook
  • 22:44   ND: SYRIZA’s investment-friendly facade turning into ‘theater of the absurd’
  • 21:48   Fire brigade in Corfu catches arsonist red-handed
  • 21:07   Road traffic restored in Kalamos after wildfire
  • 20:55   Weather Forecast: Sunny on Saturday
  • 20:42   Greek stocks end lower
  • 20:29   ADEX closing report
  • 20:00   Revenue authority requests tougher penalties for threats against tax officials
  • 19:05   Justice minister turns down invite for EU conference on crimes of Communist regimes
  • 17:09   Iconic Greek actress Zoe Laskari dies at 73
  • 16:09   Pavlopoulos welcomes students who excelled in Mathematical, Chemistry Olympiads
  • 23:37   Large fire burning near village in southern Cephalonia
  • 23:28   President sends condolences to King of Spain over Barcelona terror attack
  • 23:00   PASOK leader on Barcelona attack: ‘We stand by the Spanish people’
  • 22:51   Theodorakis on Barcelona attack: 'They sow hate but they will not reap fear'
  • 22:32   Avramopoulos calls for united front against 'barbarism' after Barcelona terrorist attack
  • 22:05   Greek woman among those injured in Barcelona terrorist attack-ForMin
  • 21:31   Tsipras expresses Greece's solidarity with Spanish people after Barcelona terrorist attack
  • 21:17   ND leader says Barcelona terror attack is 'attack on our freedoms and values'
  • 20:52   Greek foreign ministry 'appalled' by terrorist attack in Barcelona
  • 20:17   Greek stocks end lower
  • 19:33   ADEX closing report
  • 18:34   Sailing yachts gather in Patmos for countdown to 2017 Aegean Regatta this Sunday
  • 17:40   Thessaloniki' bus company allows free travel for the unemployed
  • 16:29   Greek inflation steady at 0.9 pct in July-Eurostat
  • 16:05   Anti-flooding studies for burned land to be completed by Sept. 15-ministry
  • 23:35   Top court issues temporary freezing order for Enel wind farm project in Evia
  • 22:55   Canadair pilots, technicians tell ANA people call them heroes - but they’re just doing their jobs
  • 20:53   Government cabinet announces relief measures for those affected by wildfires
  • 19:58   Minister says government will not allow illegal construction on burned forestland
  • 19:32   Greek stocks end higher
  • 18:59   ADEX closing report
  • 18:34   Businessman Marinakis officially acquires 22.11 pct stake in private TV station Mega
  • 16:50   Government showed 'inadequacy' in tackling fires, says PASOK
  • 15:01   Tsipras holds cabinet meeting on wildfires
  • 13:49   Weather forecast: Mostly fair on Thursday
  • 13:01   US ambassador Pyatt chose Mt. Pelion for brief vacation
  • 13:01   Foreign nationals arrested for showing fake travel documents
  • 11:48   Firefighting assistance from Cyprus to Greece cancelled
  • 11:35   Athens Newspaper Headlines
  • 11:22   Athens Stock Exchange opening: Rise
  • 11:18   Eastern Attica wildfire manageable, says Fire Brigade
  • 10:56   PM Tsipras visits fire-stricken areas of eastern Attica
  • 15:42   Weather forecast: Scattered clouds on Wednesday
  • 15:00   Cyprus to send fire engines and firemen to Greece
  • 14:14   A total of fifty five wildfires reported in the last 24h in Greece
  • 13:03   PM Tsipras sends wishes to all Greeks; expresses gratitude for those battling fire
  • 12:51   President Pavlopoulos: We are grateful to those that are giving a huge battle to protect the people and the environment
  • 12:40   The Dormition of Virgin Mary, the Easter of summer, celebrated throughout Greece
  • 12:27   Battle with blaze continues in eastern Attica
  • 12:17   Athens Newspaper Headlines
  • 18:41   ADEX closing report
  • 18:13   Greek stocks end higher on Monday
  • 17:10   Crucial hours for eastern Attica; blaze reaching Kapandriti
  • 16:19   Primary budget surplus of 3,053 mln euros in the period Jan-July
  • 15:56   Infrastructures Min Spirtizis announces new package of works
  • 15:11   President Pavlopoulos receives world champion Stefanidi at the presidential mansion
  • 15:03   Wildfires on Zakynthos and organised plan, says Justice Min Kontonis
  • 14:45   Zakynthos declared in state of emergency
  • 14:12   Weather forecast: Mostly fair on Tuesday
  • 13:59   A total of 91 wildfires in Greece in the last 24h;
  • 12:54   Large number of migrants located on Zakynthos; traffickers arrested
  • 12:41   Ferries packed with last holidaymakers
  • 12:23   Athens Newspaper Headlines
  • 12:15   Athens Stock Exchange opening: Rise
  • 12:02   Wildfire raging near Varnavas and Grammatiko; Oropos declared in state of emergency
  • 15:48   There will be no more port privatisations, says Shipping Min Kouroumblis
  • 15:22   The target is to exceed 35 mln tourist arrivals in 2020, says Tourism Min Kountoura
  • 15:07   Weather forecast: Sunny on Monday
  • 15:00   Greece needs an "investment shock", says Econ Min Papadimitriou
  • 13:43   Unemployment will fall under 20 pct in 2018, Alt. Labour Min Antonopoulou says
  • 13:33   Greeks' sacrifices were recognised at last, said President Pavlopoulos
  • 12:54   "Oltremare" exhibition at Old Fortress in Corfu
  • 12:17   European Commissioner Avramopoulos: We need an asylum system based on solidarity
  • 11:51   Recognition and trust in Greek government and Greek people's efforts prevails in Europe, says Alt.FM Amanatidis
  • 11:37   Athens Newspaper Headlines
  • 11:00   Greece sends six fire engines to Albania
  • 15:58   Fyodor Yurchikhin Grammatikopoulos to make six-hour space walk
  • 15:31   Wildfire in Kammena Vourla
  • 14:40   Weather forecast: Mostly fair on Sunday
  • 14:19   BSTDB examines new funding proposals for Greece, says its chief Delikanli to ANA
  • 13:40   Exit from the memorandum in August 2018 is the government's priority, says gov't spokesman Tzanakopoulos
  • 12:20   Gov't aims to implement 90 of 113 prior actions until the end of December
  • 11:38   Port authorities gear up for last summer holiday exodus
  • 11:10   Athens Newspaper Headlines
  • 10:52   Attica Group acquires majority equity stake in Hellenic Seaways
  • 19:26   Perseid meteor shower to reach its peak on Sunday at dawn
  • 19:13   Coast Guard confiscates almost two tons of cannabis in sailboat off Kythera
  • 18:46   Holidaymakers jostle in Athens' ports ahead of August holiday
  • 16:16   ND: The government does not and cannot implement any reforms
  • 14:36   Stelios Pappas is right man for the job in OASTh, says Flambouraris

eana