More arrivals, but less revenues is the verdict by the Bank of Greece (BoG) for this past August in terms of travel remittances from the all-important tourism sector in the country.
Specifically, according to the central bank revenues decreased by 1.8% compared to the corresponding month of 2023. Conversely, revenues during the Jan-Aug 2024 period were up by only 3.2% compared to the first eight-month period of 2023, although arrivals during the same period increased by 9.9%.
In the overall fiscal picture, the current account surplus increased year-on-year in August 2024 due to an improvement in the balance of goods and, and, to a lesser extent, in the balance of services. According to the BoG, the latter was partly offset by a deterioration in the primary and secondary income accounts.
For the January-August 2024 period, the current account deficit widened year-on-year, “owing to a worsening in the balance of goods and, to a lesser extent, in the primary income account, which was partly offset by an improvement mainly in the secondary income account, but also in the balance of services.”
The current account surplus last August increased by 39.4 million euros year-on-year and stood at 651.3 million euros.
