Rise in foreign arrivals pushes travel receipts up by 14.2 pct in June
Current account surplus at 842.3 million in June, assisted by services balance
Primary cash balance posts deficit of 46 mln at end of July
Industrial turnover up by 8.1 pct in June for eighth consecutive rise
Budget primary surplus at 3.05 bln in 7-month, above target on underspend
Building activity up by 45.7 pct in May, highest since Dec 2005
Greek C/A deficit to July narrowed to just 156 mln with boost from tourism
The July current account (C/A) balance showed a surplus of 2.73 billion euros from 510 million euros last year, according to the Bank of Greece (BoG). The significant increase mainly reflects a jump in the current transfers’ surplus to 1.86 billion, from just 100 million last year, owing to an inflow of 1.5 billion related to SMP income. This was accruing to the ECB and payable to Greece following a Eurogroup decision in November 2012.
Excluding this one-off item, the July “recurring” figure is still materially improved, up 142 percent year on year (yoy) at 720 million, mainly courtesy of the trade deficit heading south (down 12.0 percent) and a services surplus hike (up 10.1 percent)...
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