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Current accounts deficit up

Greece’s current accouts deficit worsened in the January-April period, totalling 12.9 billion euros, up 25.5 pct compared with the corresponding period last year, reflecting a significant decline in current transfers from the EU to the general government (232 million euros in the four-month period from 2.27 billion euros in 2009).
More analytically, the country’s trade deficit widened by 373 million euros reflecting an increase in net payments for fuel imports by 765 million euros. Exlcuding ships and fuels, the trade deficit fell by 375 million euros in the January-April period, with imports falling 5.9 pct and exports easing 6.4 pct.
The services surplus fell by 138 million euros, reflecting lower net revenues from transport services. Gross revenue from transport services rose 8.7 pct, while payments rose 25.8 pct in the January-April period. Travel spending by foreigners fell 7.8 pct, while Greek citizens’ spending abroad fell 11.1 pct.
The incomes’ deficit shrank by 163 million euros compared with the same period in 2009, with net payments on interest, dividend and earnings falling by 176 million euros.
The current transfers balance showed a deficit of 883 million euros, after a surplus of 1.379 billion euros in the four-month period last year. The capital transfer surplus fell to 159 million euros in the January-April period, from 814 million euros last year.
Foreign direct investments totaled 1.1 billion euros in the first four months of the year, with portfolio investments recording a net outflow of 2.1 billion euros.
(source: ana-mpa)

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