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1.5 billion euros surplus for Greek current account balance

Greece's current account deficit narrowed in November largely reflecting positive development in current transfers, the Bank of Greece reported on Friday.The current account gap fell to 744.3 million euros from 752.9 million euros a year ago.

The goods account showed a shortfall of 1.35 billion euros in November, compared to 1.36 billion euros last year. The surplus on services rose to 617.9 million from 593.4 million euros.

The improvement in the services balance is attributable to higher net receipts, while non-residents' travel spending (revenue from tourism) in Greece appears somewhat reduced in November.

The balance on income showed a deficit of 241.3 million euros versus a surplus of 81.1 million euros last year. Meanwhile, current transfers showed a 238.4 million euro surplus, as against a negative 59.4 million euros last year.

During January to November, the current account balance had a surplus of 1.5 billion euros, as against a deficit of 4.1 billion euros in the same period of 2012.