MacroPolis

Current account shows deficit of 1.42 bln in June, driven by slashed tourism revenues

Greece’s current account (C/A) balance posted a deficit of 1.42 billion euros in June compared to a deficit of 913.9 million euros in May, Bank of Greece (BoG) data showed on Thursday.

Greece’s central government primary cash balance recorded a deficit of 8.10 billion euros in the first seven months of the year according to figures released by the Bank of Greece (BoG).

The budget primary balance widened substantially in July to 8.2 billion euros, from a deficit of 6.10 billion euros in the first six months of 2020, preliminary Finance Ministry (MoF) budget execution data showed on Wednesday.

The month-on-month rise in Greece's new tax debt came to 222 million euros in April, data from the Independent Authority of Public Revenues (IAPR) has shown.

As Greece moves into its summer high tourism season, the industry continues to warn of a lost summer in terms of revenue, as cautious tourists stay away.

The budget primary balance recorded a deficit of 6.10 billion euros in the first six months of 2020, compared to a surplus of 381 million noted in June 2019, the final Finance Ministry (MoF) budget execution bulletin for June showed on Monday.

Greece’s central government primary cash balance recorded a deficit of 6.71 billion euros in the first six months of the year according to figures released by the Bank of Greece (BoG).

The budget primary balance recorded a deficit of 5.86 billion euros in the first half of 2020, compared to a surplus of 381 million noted in June 2019, the preliminary Finance Ministry (MoF) budget execution bulletin for June showed on Wednesday.

Greece’s efforts to restart its vital tourism sector and capture revenues from the peak which usually takes place between June to September appear to be faltering according to the latest data.

The stock of unpaid social security contributions (SSCs) increased to 36.32 billion in the first quarter (Q1) of 2020 by 932 million compared to the figure of 35.38 billion euros registered in the fourth quarter (Q4) of 2019, the Centre for the Collection of Social Security Arrears (KEAO) revealed.