Greek current account gap narrows in April

Greece's current account deficit decreased in April from a year ago, mainly due to improvements in the balance of goods and the secondary income account, data from the Bank of Greece showed on Friday.

The current account showed a deficit of €1.4 billion ($1.6 billion) in April, down from €2.3 billion in the corresponding month last year.

The goods trade deficit narrowed to €2.3 billion from €2.9 billion as exports grew faster than imports.

At the same time, the services surplus dropped to €914 million from €921 million due to a shift from net receipts to net payments in the other services balance.

Data showed that the shortfall of the primary income account declined to €115.6 million from €156.2 million in the prior year, reflecting mainly a decrease in net payments for interest, dividends, and profits.

Meanwhile, the balance in the secondary income turned to a surplus of €145.8 million from a shortfall of €227.6 million last year.

In April, the capital account recorded a surplus of €488.6 million versus a deficit of €53.3 million last year, while the financial account deficit dropped to €755.5 million from €2.3 billion.