Greece experienced a reduction in its current account deficit in November, thanks to improvements in both the services balance and the primary income account, according to figures released by the Bank of Greece on Monday.
The current account deficit decreased by EUR 31.8 million compared to the previous year, amounting to EUR 3.2 billion in November. These gains in the services balance and primary income were nearly negated by a worsening in the goods balance and secondary income account.
The combined deficit in goods and services rose to EUR 2.55 billion from EUR 2.38 billion the previous year. However, the services balance saw an increase, reaching EUR 677.4 million, up from EUR 448.4 million.
Meanwhile, the primary income shortfall decreased to EUR 371.5 million, compared to EUR 590.6 million previously, whereas the secondary income deficit rose to EUR 224.2 million from EUR 208.6 million the year before.
November saw the capital account register a surplus of EUR 58.4 million, shifting from a deficit recorded in the same month of the previous year. This change reflects net inflows rather than outflows in the economy's other sectors, excluding the general government.
In tandem, the deficit of the combined current and capital account dropped to EUR 3.1 billion compared to last year.
However, from January to November, the overall current account deficit grew by EUR 510.9 million from the same period last year, reaching EUR 11.5 billion.
