Greece's current account deficit decreased significantly in May, data released by Bank of Greece showed Friday.
The current account deficit decreased by 37.9 percent to EUR1.194 billion in May from EUR1.922 billion in the same month a year earlier.
The deficit in the goods trade account narrowed to EUR2.02 billion during the month from EUR2.251 billion a year earlier.
The balance in the services account was a surplus of EUR983 million, notably lower than the EUR1.165 billion surplus seen in May 2011. The decline was due to higher net payments for other services and lower net travel receipts.
The shortfall in the income account fell to EUR109.2 million in May from last year's deficit of EUR692.6 million as a result of a major decline in net payments for interest, dividends and profits.
The deficit in the current transfers account narrowed to EUR48.8 million from EUR142.8 million in the corresponding month of 2011, owing mainly to lower general government net transfer payments, data showed.
by RTT Staff Writer
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