January – July current account surplus increased to EUR 567mn

In July 2014, the current account balance showed a surplus of €1.7 billion, down by €1.1 billion year-on-year.

However, it should be noted that last July’s significantly higher surplus was mainly due to an inflow of €1.5 billion – recorded in the current transfers balance – representing the first disbursement under the Securities Markets Programme (SMP). Barring this exceptional inflow, the current account surplus in July 2013 would have been lower than in July 2014.

The services surplus rose and the income account deficit fell in July 2014. By contrast, the trade deficit increased. In any event, the overall balance of goods and services showed a surplus of €1.6 billion, compared with €1.4 billion in July 2013.

The trade deficit rose by €211 million year-on-year, mainly as a result of the higher net oil import bill.

Net payments for purchases of ships also recorded a slight increase. The deficit of the balance of goods excluding oil and ships contracted given that receipts from exports in this category rose by 11.3%, while the corresponding import bill also increased, albeit at a slower pace. At end-July 2014, Greece’s reserve assets stood at €5.0 billion, compared with €4.6 billion at end-July 2013.

Source: capital.gr