Greece's current account deficit fell sharply in March from a year earlier, data from the central bank revealed Wednesday.
The current account deficit was EUR 1.3 billion in March, down by EUR 952 million or 42.5 percent year-on-year. According to the central bank, this development was mainly due to declines in trade deficit and income account deficit.
The trade deficit contracted by EUR 365 million in March from last year, due to fall in net oil import bill. At the same time, the surplus on services balance grew by EUR 19 million.
The income account deficit shrank by EUR 490 million. The current transfers balance showed a surplus of EUR 78.4 million compared with an almost zero balance in March 2012, reflecting an increase in general government net receipts, chiefly from the EU.
In the first quarter of 2013, the current account deficit fell by EUR 2.5 billion or 51.2 percent annually to EUR 2.3 billion.
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