Greek current account turn to surplus in July, tourism revenues up

Greece’s current account turned to surplus in July compared to the same month last year on the back of a significant rise in tourism revenues, the Bank of Greece said on Monday.

Central bank data showed the surplus at 0.538 billion euros ($630 million) from a deficit of 0.797 billion euros in July 2020.

The Bank of Greece said the surplus of the current account gap was mainly due to an improvement in the services balance and tourism revenues in particular.

In the first seven months of 2021, Greece’s current account gap shrank by 889 million euros year-on-year to 7.0 billion euros, due to an improvement in the balance of services and the primary income account.

Tourism revenues jumped to 2.275 billion euros from 678 million in July last year when global restrictions to stem the spread of the COVID-19 pandemic took a heavy toll on travel.

The Bank of Greece said the country’s reserve assets stood at 9.4 billion euros at the end of July, almost at the same level as in July 2020.