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Tourism and Exports still Growing

Tourism and exports are the only sectors of the Greek economy that are managing to deliver any positive news during the general crisis in the country this year, as daily Kathimerini reports today. Bank of Greece data for the first eight months of 2011 showed on Thursday that tourism revenues increased by 10%, or 700 million euros, from the same period last year, amounting to 7.7 billion euros.
Foreign tourist arrivals grew by 9.9% year-on-year, according to BoG data. In August alone, revenues increased by 6.5% and arrivals by 6.2%. The total deficit of the trade balance went down by 1.05 billion euros in the first eight months of the year, as revenues from exports of goods (not including fuel and ships) increased by 17.4% and payment for imports declined by 6.1%. Direct investment showed a net outflow of 1.4 billion euros in the year to August, against 269 million euros in the same period in 2010. Spending by Greek tourists abroad increased by 6.8%, reaching 2.4 billion euros.

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