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Greece current account deficit widened in 2006
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EurozoneFX
Fri Aug 18 2006, 10:28AM

Registered Member #711
Joined: Tue Jan 10 2006, 10:11AM
Posts: 953
 The Greek January to June 2006 current account deficit widened by 6.344 bln eur compared to the same period in 2005 reaching 14.277 bln eur, reflecting mainly a rise in the trade deficit and an increase in the income account deficit, the central bank of Greece said.

The Bank of Greece added that the overall trade deficit including oil and ships showed an increase of 4.623 bln eur which stemmed from rises in the deficit in the net oil import bill and in net payments for purchases of ships.

The services surplus narrowed by 683 mln eur as a result of a 546 mln eur drop in net transport receipts. The income account deficit grew by 1.004 bln eur owing to higher net interest, dividend and profit payments.

In January to June 2006 the capital transfers balance showed a surplus of 1.508 bln eur, 461 mln eur higher than in the same period of 2005, reflecting a rise in EU capital transfers to general government.

In the first six months of the year direct investment showed a net inflow of 1.01 bln eur compared with a net inflow of 145 mln eur in the same period of 2005.

The Bank of Greece said that at the end of June 2006 Greeces reserve assets reached 2.2 bln eur.

Source: Euro2day NewsWire 18 Aug 2006

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