Current Account Shortfall Narrows In January

Greece Current Account SurplusGreece ‘s current account shortfall decreased in January from last year, helped by a strong improvement in revenues, preliminary figures published by Bank of Greece showed Monday.
The current account deficit eased to EUR295 million in January from EUR314 million in the corresponding month of last year.
Driving the improvement, the income balance turned to a surplus of EUR50.7 million from a deficit of EUR98.1 million in January 2013.
January’s merchandise trade resulted in a deficit of EUR1.75 billion, which was higher than the EUR1.65 billion shortfall seen a year earlier. The surplus of services dropped modestly to EUR523.6 million from EUR532.3 million.
The current transfers account showed a surplus of EUR884.7 million in the beginning of the year, which was lower than last year’s balance of EUR900.9 million.
(source: Bank of Greece, RTT)