Greek current account swings to
surplus in October on cheaper oil
reuters.com, 21 December 2015
Greece's current account recorded a surplus in October compared to a deficit in the same month a year earlier,
mainly due to a smaller balance of goods deficit as a result of cheaper oil, the Bank of Greece said on Monday.
"The balance of goods deficit shrank by 721 million euros year-on-year, mainly as a result of the lower net oil
import bill, owing to the fall in oil prices," the central bank said.
The data showed the surplus reached 314 million euros versus a deficit of 456 million euros in October 2014. Tourism
revenues dropped slightly to 961 million euros from 1.0 billion euros in the same month last year.
Last year Greece posted a current account surplus of 1.66 billion euros, up from 1.09 billion euros in 2013, helped
by higher tourism revenues - its biggest foreign currency earner.