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Greece Current Account Turns To Surplus
7/20/2010 5:35 AM ET
(RTTNews) - Greece's current account balance
, which is the widest measure of the country's trade balance, swung to a surplus in May compared to the same month a year ago, official figures show.
A surplus of EUR 250 million was recorded in May, compared to a deficit of EUR 1.93 billion registered a year ago. This was mainly due to a large increase in the surplus in the current transfers account and a narrowing of the trade deficit and income account deficit.
The fall in the trade deficit was driven by a EUR 276 million fall in the trade deficit excluding oil and ships, while net payments for purchases of ships and the net oil import bill rose by EUR 47 million and EUR 37 million, respectively. The surplus in the services account rose by EUR 92 million as a result of the EUR 198 million increase in net transport receipts, while net travel receipts were down EUR 95 million annually.
The current transfers account recorded a surplus of EUR 2.04 billion in May compared with a surplus of just EUR 218 million a year ago. The income account deficit shrank by EUR 76 million due to lower net interest
, dividend and profit payments.
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Il tesoretto.
7/20/2010 5:35 AM ET
(RTTNews) - Greece's current account balance
![](/proxy.php?image=http%3A%2F%2Fimages.intellitxt.com%2Fast%2FadTypes%2Fmag-glass_10x10.gif&hash=64dad549b1484cc4b1337dfd1c88c864)
A surplus of EUR 250 million was recorded in May, compared to a deficit of EUR 1.93 billion registered a year ago. This was mainly due to a large increase in the surplus in the current transfers account and a narrowing of the trade deficit and income account deficit.
The fall in the trade deficit was driven by a EUR 276 million fall in the trade deficit excluding oil and ships, while net payments for purchases of ships and the net oil import bill rose by EUR 47 million and EUR 37 million, respectively. The surplus in the services account rose by EUR 92 million as a result of the EUR 198 million increase in net transport receipts, while net travel receipts were down EUR 95 million annually.
The current transfers account recorded a surplus of EUR 2.04 billion in May compared with a surplus of just EUR 218 million a year ago. The income account deficit shrank by EUR 76 million due to lower net interest
![](/proxy.php?image=http%3A%2F%2Fimages.intellitxt.com%2Fast%2FadTypes%2Fmag-glass_10x10.gif&hash=64dad549b1484cc4b1337dfd1c88c864)
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Il tesoretto.