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Greece December Current Account Deficit Narrows Sharply

Greece's current account shortfall narrowed significantly from last year in December, owing mainly to a marked improvement in the income account, preliminary data released by the Hellenic Statistical Authority showed Tuesday.

The current account deficit fell to EUR534.2 million in December from EUR2.14 billion in the same month a year earlier.

The shortfall in the income account fell notably to EUR32.7 million from EUR1.02 billion a year earlier. The current transfers account showed a surplus of EUR27.6 million, lower than the EUR223.3 million surplus recorded in December 2011, data showed.

The goods trade account showed a shortfall of EUR978.1 million during the month, lower than the EUR1.96 billion deficit seen a year earlier. The balance in the services account was a surplus of EUR449 million, lower than EUR611.9 million surplus recorded a year earlier.

by RTTNews Staff Writer

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