Greece’s current account gap narrowed to EUR 990.4 million in February of 2019 from EUR 1,397.7 million in the same month of the previous year. The goods deficit increased slightly to EUR 1,676.9 million from EUR 1,623.1 million in February of 2018 while the services surplus widened to EUR 489.3 million from EUR 321.8 million, as tourism revenues advanced to EUR 209.1 million from EUR 1661.3 million. Also, the primary income account posted a EUR 264.0 million surplus, compared to a EUR 124.3 million shortfall a year earlier while the secondary income account recorded a EUR 66.8 million gap, switching from a EUR 28 million surplus. Current Account in Greece averaged -1105.11 EUR Million from 1997 until 2019, reaching an all time high of 2601.40 EUR Million in July of 2013 and a record low of -4730.30 EUR Million in December of 2007.
Current Account in Greece is expected to be 1000.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Greece to stand at -1100.00 in 12 months time. In the long-term, the Greece Current Account is projected to trend around -650.00 EUR Million in 2020, according to our econometric models.