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Greece August Current Account Surplus Decreases

Greece's current account surplus for August shrunk from last year, largely due to a significant deterioration in the service balance, the Bank of Greece said Wednesday.

The current account surplus decreased to EUR 80 million from EUR 1.8 billion in the same month of 2019.

The deterioration in the services balance was only partly offset by improvements in the balance of goods and the primary and secondary income accounts.

The EUR 468 million narrowing in the visible trade deficit was largely due to the decline in the deficit in the oil trade, thanks to lower global oil prices.

The surplus in the services trade decreased mainly due to lower net travel receipts amid steep year-on-year declines in non-residents' arrivals and the corresponding receipts.

Further, lower net sea and air transport receipts led to a worsening in the transport balance.

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