Central Bank States Greece’s Deficit Has Narrowed Since Last Year



    According to The Central Bank, Greece’s current account deficit narrowed from last year. The current account deficit for this June was 1.94 billion euros compared to last June with 2.31 billion euros.
    The improvement is mainly attributed to a decrease in the trade deficit and secondarily to a rise in the surplus of the services balance, with a drop in the deficit of the current transfers balance. These developments were partly offset by an increase in the income account deficit.

    The deficit of the current transfers balance almost halved year on year, mainly due to lower general government payments to the community budget. The deficit figure was 70.1 million euro, down from 144.5 million euro last year.

    In June the combined current account and capital transfers balance, which represents the economy’s external financing requirements, had a deficit of 2 billion euro compared with a deficit of 2.2 billion euro last year.