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Greek February current account gap widens, tourism revenue surges

Greece’s current account balance showed a wider deficit in February compared with a year-ago period, while revenue from the tourism sector rose, the Bank of Greece said on Wednesday.

Data from the central bank showed the current account gap reached 2.123 billion euros ($2.29 billion) from a deficit of 0.762 billion euros in February 2021.

The widening of the current account deficit was the result of a larger trade gap as imports outpaced exports, the bank said, adding that at constant prices, exports rose 4.3% while imports jumped 37.5%.

Non-resident arrivals in Greece surged 315% and related revenue increased 303% year-on-year in February.

Tourism revenue in February rose to 133 million euros from 33 million euros in the same month a year earlier when widespread curbs to stem the spread of COVID-19 were in force.

In 2021, Greece’s current account deficit shrank by 356 million euros year-on-year to 10.6 billion euros.

Greece’s reserve assets rose to 13 billion euros by end-February from 12.7 billion euros in the prior month.
Source: Reuters (Reporting by George Georgiopoulos; Editing by Sherry Jacob-Phillips)

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