Greek trade deficit widens in April on lower government receipts

Greece’s current account deficit widened in April compared with the same month last year, as general government receipts plunged and dividend and profit payments rose, the Bank of Greece said on Tuesday.

Central bank data showed the current account deficit was 1.78 billion euros ($1.95 billion), up from a deficit of 1.66 billion euros in April 2022.

General government receipts dropped to 27.4 million euros in April, down from 773 million in the same month last year.

Stripping out fuel, exports dropped by 7.2% at constant prices, while imports dropped by 6%, the data showed.

Tourism revenue rose to 761 million euros from 635 million euros in April last year when COVID-19 restrictions still hurt travel.

Greece saw its trade deficit rising by an annual 63% last year, at 20 billion euros or 9.7% of its economic output, on the back of much costlier energy imports.

Rising exports, including tourism, should help it lower the deficit this year, according to a financial stability plan that Greece submitted to the European Union in April.
Source: Reuters (Reporting by Angeliki Koutantou; Editing by Alex Richardson and Emma Rumney)