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Current account balance increases

The country's current account balance surplus showed an increase of 58% in the nine-month period from January to September 2014 compared to the same period last year.

 

According to data from the Bank of Greece, the surplus amounted to 3.8 bn. euros, against 2.4 billion euros in the same period of 2013. This reflects the improvement in the balance of services, while the receipts from exports of goods increased by 4.2%, and revenue from services increased by 11.6%.

The trade deficit increased by 698 million euros due to higher net payments for purchases of ships. Net payments for fuel purchases were limited, as was the deficit of other goods, whose reduction is due to the increase in export receipts, since the corresponding expenditure for imports also increased, but at a slower pace.

The rise in the services surplus of 2.5 bn. euros was due to the increase of tourist currency by 11.1% compared to the same period in 2013, reflecting an increase of 22.2% in arrivals of non-resident travelers.

The income account deficit shrank by 430 million euros, mainly due to lower net interest payments. Finally, the surplus in the current transfers balance shrank by 854 million euros, compared with the same period of 2013, primarily due to lower transfers to general government from the EU amounted to 2.8 bn. Euros.

The combined current account and capital transfers (which corresponds to the needs of the economy's external financing requirements) surplus stood at 5.5 billion euros from 5.2 billion euros, in the same period of 2013.

The financial transactions account recorded a net inflow of foreign direct investment of $ 1.2 billion euros. The portfolio investment category recorded a net outflow of 793 million euros due to rising investment by residents abroad (outflow of 5.8 billion euros), which was largely offset by higher investment by non-residents in Greece, mainly in Greek equities firms (input 8 billion euros).