Greece’s present account hole narrows barely in November because of tourism

ATHENS (Reuters) – Greece’s present account deficit shrank barely in November in comparison with the identical month in 2023, helped by strong tourism revenues, the Financial institution of Greece mentioned on Monday.

Central financial institution knowledge confirmed the present account deficit was 3.15 million euros ($3.25 million) in November, down from a deficit of three.18 billion euros in the identical month a 12 months earlier.

Tourism revenues rose by almost 45% year-on-year to 0.62 billion euros, with overseas arrivals up by 23.6%. This largely offset the affect of imports of products outpacing exports.

Nonetheless, within the 11 months to November, Greece recorded a present account deficit of 11.5 billion euros, up from a deficit of 11 billion euros in the identical interval final 12 months.

($1 = 0.9703 euros)