Bank of Greece: Current account surplus of 1 billion euros in June

According to the latest Bank of Greece data, in June 2016, the current account showed a surplus of 1.0 billion euros, up by 496 million euros year-on-year. This development was mainly due to improved balances of the primary and the secondary income accounts. The deficit of the balance of goods decreased, while the services surplus declined.

The goods deficit decreased by 63 million euros year-on-year due to the fall in the oil deficit and in the deficit of the ships' balance, while the deficit in the balance of goods excluding oil and ships increased, as the relevant exports declined more than imports. It should be noted that, although total exports of goods declined by 5.4% at current prices, at constant prices they rose by 4.3%.

The surplus of the services balance narrowed by 141 million euros, as a result of lower net receipts from sea transport and, secondarily, from travel services. More specifically, sea transport receipts stood at 531 million euros, down from 950 million euros in June 2015, while travel receipts declined by 5.4% and arrivals by 2%. Finally, the other services balance improved, largely reflecting developments in air transport services.

In June 2016, the primary and the secondary income accounts showed surpluses of 146 euros and 112 million euros respectively, against deficits in June 2015, having improved by €368 and 207 million euros respectively. The improvement in the primary income account was mainly due to the other primary income category, which mostly includes taxes and subsidies on products. The amelioration in the secondary income account was mainly due to the improved general government balance.

In the first half of 2016, the current account balance improved by 1.4 billion euros year-on-year and showed a deficit of 2.5 billion euros. This development is attributable to the improvement in the primary and the secondary income accounts, while the balance of goods and services showed a slight deterioration.

The balance of goods showed an improvement of 1.3 billion euros in the first half of 2016, which is mainly attributable to the improved oil balance as a result of lower oil prices. Moreover, net payments for purchases of ships decreased, as a large part of the relevant transactions are conducted outside the domestic banking system after the imposition of capital controls. The balance of goods excluding oil and ships did not show any significant change. Αt constant prices, total exports of goods grew by 5.8%, reflecting mainly a 14.1% rise in the volume of oil exports, while exports of goods excluding oil remained almost unchanged.

The surplus of the services balance dropped by 1.5 billion euros in the first half of 2016, as net transport receipts registered a significant decline, which is largely attributable to the capital controls. Net receipts from travel services also fell. It should be noted that total non-residents' arrivals decreased by 1.6% (1) and the corresponding receipts by 5.8%. These developments were offset to a small extent by an improvement in the other services balance.

The primary income account showed a surplus of 1.2 billion euros, up by 1.1 billion from the first half of 2015. The secondary income account also improved.

In June 2016, the capital account showed a small deficit, against a surplus in June 2015, while in the first half of 2016 it showed a surplus of 645 million euros, up by 39 million euros year-on-year.

In June 2016, the combined current and capital account (corresponding to the economy's external financing requirements) showed a surplus of 981 million euros, up by 339 million euros year-on-year. In the first half of 2016, the deficit shrank by 1.4 billion euros, to stand at 1.9 billion euros.

In June 2016, the current account showed a surplus of 1.0 billion euros, up by 496 million euros year-on-year. This development was mainly due to improved balances of the primary and the secondary income accounts. The deficit of the balance of goods decreased, while the services surplus declined.

The goods deficit decreased by 63 million euros year-on-year due to the fall in the oil deficit and in the deficit of the ships' balance, while the deficit in the balance of goods excluding oil and ships increased, as the relevant exports declined more than imports. It should be noted that, although total exports of goods declined by 5.4% at current prices, at constant prices they rose by 4.3%.

The surplus of the services balance narrowed by 141 million euros, as a result of lower net receipts from sea transport and, secondarily, from travel services. More specifically, sea transport receipts stood at 531 million euros, down from 950 million euros in June 2015, while travel receipts declined by 5.4% and arrivals by 2%. Finally, the other services balance improved, largely reflecting developments in air transport services.

In June 2016, the primary and the secondary income accounts showed surpluses of 146 million euros and 112 million euros respectively, against deficits in June 2015, having improved by 368 euros and 207 million euros respectively. The improvement in the primary income account was mainly due to the other primary income category, which mostly includes taxes and subsidies on products. The amelioration in the secondary income account was mainly due to the improved general government balance.

In the first half of 2016, the current account balance improved by 1.4 billion euros year-on-year and showed a deficit of 2.5 billion euros. This development is attributable to the improvement in the primary and the secondary income accounts, while the balance of goods and services showed a slight deterioration.

The balance of goods showed an improvement of 1.3 billion euros in the first half of 2016, which is mainly attributable to the improved oil balance as a result of lower oil prices. Moreover, net payments for purchases of ships decreased, as a large part of the relevant transactions are conducted outside the domestic banking system after the imposition of capital controls. The balance of goods excluding oil and ships did not show any significant change. Αt constant prices, total exports of goods grew by 5.8%, reflecting mainly a 14.1% rise in the volume of oil exports, while exports of goods excluding oil remained almost unchanged.

At end-June 2016, Greece’s reserve assets stood at 6.9 billion euros, compared with 5.1 billion euros one year earlier.

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