ATHENS: Greece’s current account deficit widened in April compared to the same month a year earlier on the back of a larger trade gap and a smaller services balance surplus, the Bank of Greece said on Wednesday.
Central bank data showed the deficit at 1.344 billion euros (RM6.228 billion) from a deficit of 506 million euros (RM2.345 billion) in April 2017. Tourism revenues edged higher to 490 million euros (RM2.27 billion) from 485 million (RM2.248 billion) in the same month a year earlier.
“The rise in the balance of goods deficit by 503 million euros (RM2.331 billion) is mainly attributable to the higher net oil import bill,” the Bank of Greece said.
It said that excluding oil, the trade gap showed a small increase of 73 million euros (RM338 million) as imports increased in absolute terms more than exports.
A contraction in the services surplus was due to lower net receipts, mainly from travel services, despite a 9.6% rise in arrivals, the central bank said.
In 2017 as a whole, Greece’s current account deficit reached 1.5 billion euros (RM7 billion), down by 418 million (RM1.937 billion) year-on-year.