1.9-billion surplus recorded on tourism sector in August

1.9-billion surplus recorded on tourism sector in August

A surplus of 1.9 billion euros was recorded for August 2019, the current account balance being 519 million euros higher compared to the same month in 2018.

As the Bank of Greece reports, this development was due primarily to the improvement in the balance services and secondarily to the balance of goods, while it was partially offset by the increase in the deficit in primary and secondary income balances.

The balance of goods deficit was reduced by EUR 68 million despite the decline in exports, as the decline in imports was higher in absolute terms. The drop in both exports and imports reflects developments in the fuel sector. On the other hand, exports of non-fuel goods surged by 3.8% at constant prices, while the corresponding imports did not change significantly.

8-month deficit

During the January-August 2019 period, the current account balance recorded a deficit of EUR 911 million, down by EUR 995 million from the same period in 2018. This is due to the boost in the service balance surplus and the improved primary and secondary income balance, which offset the counterbalanced the goods balance deficit.

The balance of goods deficit increased as imports surged more than exports. It is noted that both exports and imports have slowed significantly compared to the same period in 2018. Total exports of goods increased by 1.1% at current prices (1.0% at fixed prices), while exports out of fuel they recorded an increase of 4.3% (4.6% at constant prices). Total imports of goods went up by 3.4% at current prices (1.6% at constant prices).

The increase in the surplus in the balance of services was due to the improvement of the balance of travel services and, secondarily, of the balance of transport, whilst the deficit in other services declined. Travel and non-resident arrivals increased by 13.6% and 3.6% compared to 2018. Transport receipts, mainly maritime, increased by 6%. /ibna