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GreekReporter.com Greek News Economy Bank of Greece Date Reveals Significant Deterioration in Country’s Current Account

Bank of Greece Date Reveals Significant Deterioration in Country’s Current Account

Greek deficitGreece recorded a Current Account deficit of 742 million euros in January 2016, according to data released by the Bank of Greece.
The current account deficit of 742 million euros recorded for January 2016 is bigger by 461 million euros in comparison to the current account deficit recorded in January 2015.
Current account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends), and net transfer payments (such as foreign aid).
According to the Bank of Greece, the increase in current account deficit was caused by the deterioration of balances, especially in primary incomes and then in services.
The latest reported value for Greece’s current account shows that the deficit for the balance of trade increased from -1205.60 to -1491.00, while exports declined from 2225.10 to 1717.60.
(Source: Bank of Greece)

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