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Greek current account surplus shrinks in August, tourism revenues fall

·1-min read

ATHENS, Oct 21 (Reuters) - Greece's current account surplus shrank markedly in August compared to the same month last year on the back of a significant deterioration in the services balance due to a hit on tourism, the Bank of Greece said on Wednesday. Central bank data showed the surplus at 80 million euros ($94.89 million) from a surplus of 1.803 billion euros in August 2019. The deficit in August was only partly offset by improved trade, primary and secondary income balances. "The shrinking of the trade gap was due to a larger decline in imports compared to exports," the central bank said. "The decrease in the services surplus was due to a marked deterioration of the tourism services balance." Tourism revenues plunged to 1.373 billion euros from 4.104 billion in the same month a year earlier as the sector was hit by the impact of the coronavirus pandemic. In 2018, Greece's current account showed a deficit of 5.3 billion euros, up 2.1 billion year-on-year as the trade gap widened. In 2019 the current account showed a deficit of 2.6 billion euros. ************************************************************* CURRENT ACCOUNT (bln euros) 2020 2019 August 0.080 1.803 July -0.874 1.346 June -1.421 0.805 May -0.914 0.270 April -1.133 -1.397 March -1.106 -1.538 February -1.138 -1.015 January -1.291 -1.183 -------------------------------------------- source: Bank of Greece ($1 = 0.8431 euros) (Reporting by George Georgiopoulos)