x

Economy

Greek Current Account Deficit Soared to 11.1 Billion Euros in 2020

February 22, 2021

ΑΤΗΕΝS — The Greek current accounts deficit soared to 11.1 billion euros, or 7.0 pct of the country's GDP, in 2020, from 2.7 billion in 2019, the Bank of Greece said on Monday, reflecting a significant reduction of the surplus in the services' balance due to a plunge in tourism revenue.

More specifically, the central bank said that tourism revenue fell to 4.2 billion euros in 2020 from 18.1 billion in 2019, with the surplus of the services balance dropping to 7.2 billion euros in 2020 from 21.1 billion in 2019. Revenue from travel services and tourist arrivals plunged 76.5 pct in 2020, with revenue from sea transport down 15.3 pct. The balance of goods showed a deficit of 18.5 billion euros in 2020, down from 22.8 billion in 2019, while the value of imports (excluding fuel) totaled 37.9 billion euros, from 40.7 billion, respectively. The country's exports also fell to 22.6 billion euros in 2020 from 23.2 billion the previous year. The total balance of current accounts and capital, representing the needs of the economy for funding from abroad, recorded a deficit of 8.4 billion euros in 2020, up 6.4 billion from 2019. Direct investments recorded an increase of 689 million euros.

RELATED

ATHENS – Greece's attempt to lure workers with technical skills is being hurt by low salaries in the sector with most job openings going to low-skilled applicants with meager pay despite the minimum wage being lifted.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Greek-American Cornell Student Rescues Man on Subway Tracks in the Bronx

NEW YORK – Greek-American Cornell University senior Bryce Demopoulos rescued a man who had fallen on the subway tracks at the Third Avenue-138 Street station on the No.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.