FX.co ★ Greece Current Account Swings To Surplus In January

In January, Greece's current account switched from a deficit to a surplus, primarily due to improvements in the secondary income account, according to data released by the Bank of Greece.

In the same month, the current account balance altered from a deficit of EUR 161.5 million the previous year to a surplus of EUR 1.76 billion.

The visible trade deficit, however, increased to EUR 2.69 billion from EUR 2.47 billion the previous year, due to exports falling more sharply than imports.

On the other hand, the surplus in the services balance went up from EUR 289.2 billion to EUR 437.1 million over the past year.

The primary income surplus decreased to EUR 412.9 million from EUR 517.0 million in the previous year.

The secondary income balance in January recorded a considerable increase in surplus from EUR 1.5 billion to EUR 3.5 billion.

At the start of the year, the capital account balance had a deficit of EUR 166.9 million, while the financial account surplus rose to EUR 2.0 billion.