Greek current accounts deficit down 22.5% in Jan.

Greece’s current accounts deficit fell to 2.8 billion euros in January, down 22.5 pct compared with the same month last year, reflecting a large surplus in the current accounts balance, despite a widening of the trade balance by 185 million euros because of higher oil prices, the Bank of Greece announced on Monday.

The central bank, in a monthly report, said foreign investors continued fleeing the Greek state bond market in the first month of 2011, with capital outflows totaling 1.1 billion euros. Net capital outflow totaled 926 million euros, after a net capital inflow of 926 million euros in the same month last year.

The trade deficit totaled 365 million euros in January, from 320 million euros in the same month last year, reflecting higher spending on fuel imports (up 598 million euros), while net payments for ship purchases fell by 36 million euros. Spending on imports fell by 10.9 pct in January, while export revenues grew 14.1 pct in the month.

The services balance recorded a 44.4 million euros rise in surplus, reflecting lower net payments for other services (including travel services), while net revenues from transport services fell by 37 million euros. The incomes deficit grew by 8.0 million euros reflecting higher net payments on payrolls, while the current transfers balance recorded a surplus of 689 million euros in January, after a deficit in January 2010, and the capital transfers balance recorded a deficit of 12.5 million euros after a surplus of 32 million euros last year.

Foreign direct investments recorded a net inflow of 45 million euros after an outflow of 37 million euros in 2010.


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