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Athens News Agency: News in English, 08-04-21

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Current acc't deficit cut in Jan-Feb

  • [01] Current acc't deficit cut in Jan-Feb

    Greece's current accounts balance improved in the first two months of 2008, the Bank of Greece said on Monday. The central bank, in its monthly report, said the current accounts deficit fell by 18.4 pct to 4.8 billion euros in the January-February period, compared with the same period last year, reflecting an 190 pct jump in the transfer surplus (due to a more effective absorption of community funds) and a 72-pct rise in the services surplus (due to higher shipping foreign exchange inflows).

    On the other hand, the trade deficit widened by 15 pct in the two month period.

    The trade deficit totalled 6.9 billion euros, reflecting a 19.5 pct rise in the fuel balance and a 17 pct rise in the other goods deficit). Exports rose by 19.5 pct while imports rose by 19 pct.

    The services surplus rose by 703 million euros, reflecting higher net proceeds from transport services, while the travel services balance remained unchanged.

    A higher current transfers surplus in the January-February period reflected a 115 pct jump in the transfers of money from the EU to the general government and lower payments to the EU. The capital transfers balance showed a surplus of 1.341 billion euros.

    The financial services balance recorded a 71 pct increase in portfolio investment inflows to 11.3 billion euros, while direct investments recorded a net outflow of 195 million euros.

    Caption: A file photo dated 13 December, 2001, shows Euro banknotes being processed in the foreign exchange department of the Union Bank of Switzerland. ANA-MPA/ EPA/MARTIN RUETSCHI

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