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Market Update: Greek Current Account Gap Widens the Most in 9 Years
Greece’s current account deficit widened to EUR 2,079 million in April of 2021 from EUR 1,146 million in the corresponding month of the previous year and was the largest current account deficit since March of 2012. The goods gap increased to EUR 1,965 million from EUR 1,266 million a year ago, as imports increased by 56.0 percent and exports went up 56.6 percent. Additionally, the services surplus shrank to EUR 302 million, from EUR 387 million, weighed down by the transport balance, while the travel account improved on the back of a resurgence in tourist arrivals (185.6 percent) and receipts (210.9 percent). Also, the shortfall in the secondary income account deepened to EUR 334 million, from EUR 125 million, mainly due to higher general government payments. Finally, the primary income deficit decreased to EUR 83 million, from EUR 141 million, underpinned by lower net interest, dividend and profit payments abroad. source: Bank of Greece [/s2If]
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