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Greece's Current Account Deficit Narrows

Wednesday, 22 February 2012 | 00:00
Greece's current account deficit narrowed 8.3% year-on-year in 2011, reflecting an improved trade gap and higher income from the tourism industry, the country's central bank said.
Figures provided by the Bank of Greece show the current account deficit eased to EUR21.1 billion versus EUR22.9 billion in 2010, with a rising oil bill limiting the drop.
"(The drop) chiefly reflects a substantial decline in the non-oil trade deficit and a rise in the surplus of the services balance and in the current transfers surplus, which more than offset a large increase in the net oil import bill and a widening of the income account deficit," it said in a statement.
With the economy contracting for a fourth consecutive year in 2011, the trade deficit narrowed 18.1% to EUR16.1 billion, excluding oil imports.
Figures from two of the country's two key sources of income--tourism and shipping--had mixed results. Tourism receipts rose 9.3% to EUR10.5 billion, while income from shipping activities dipped 8.5% to EUR14.1 billion, the data showed.
Source: Dow Jones
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