Greece posts first current account surplus since records began
19 February 2014 10:49am
Greece has reached a current account surplus for the first time in 66 years, according to figures released on Wednesday by the Bank of Greece.
The troubled EU nation posted a current account surplus of €1.2bn (£1bn) in January-December last year - compared to a deficit of €4.6bn the previous year.
The Greek central bank attributed the development primarily to a fall in the trade deficit of €2.4bn and to increases in the current transfers and services surpluses by €3bn and €1.7bn respectively. However, the country saw an increase in the income account deficit.
Tourism has been one of Greece's saving graces - jumping 15 per cent to €12bn. At the same time, travel spending by residents abroad remained flat.
The news of the first current account surplus since records began in 1946, will be welcomed by the Mediterranean economy, which is still suffering cripplingly high levels of unemployment.
In November, Greek unemployment rose to 28 per cent of the labour force, according to the Hellenic Statistical Authority. The proportion of people out of work and looking increased by 0.3 percentage points, leaving 1.38m people in Greece unemployed.
Greek youth unemployment is still amongst the worst in Europe, at 61.4 per cent in November.
In other news
Former Thomas Cook boss Harriet Green has said she'll donate a third of her forthcoming share award to a charity [Read more]
Update: Firefighters have put out a blaze at a Berkeley Homes building site on Arsenal Way, Woolwich this afternoon. [Read more]
Greece's creditors have poured cold water on the cash-strapped country's claim that the parties were nearing a [Read more]
The EU and Switzerland have signed a deal to stop EU residents holding undeclared income in Swiss bank accounts. [Read more]
A random combination of words and characters are automatically shutting down iPhone users' devices. [Read more]
London will play host to a record number of cyclists in August as the Prudential Ride London Freecycle event expands [Read more]
Commuters using London's Fenchurch Street could face a travel headache going home tonight, with operators confirming [Read more]
Eight candidates are vying for the role of deputy Labour leader in a crowded race alongside the high-profile leadership [Read more]
Between 1997 and 2013, people living in just four regions in the UK saw their disposable income increase when [Read more]
Prime Minister David Cameron has had work done. Five years in Coalition has taken its toll on the youthful fresh-face [Read more]
Swiss police are questioning 10 Fifa officials over the controversial award of the 2018 and 2022 World Cups to [Read more]
Dutch banking giant ING last night cut its stake in NN, an insurance and investment management company.
Update: Nearly 150 flights have been cancelled and 32 diverted to other European cities after a power outage shut [Read more]
A fresh investigation into migrant worker conditions in Qatar landed BBC reporters in prison recently. It is another [Read more]
The Bank of England will not back down on tough regulation, top official and ex-Barclays boss Martin Taylor said [Read more]
Perhaps the most enjoyable outcome of the General Election is the abuse now being heaped on the metropolitan liberal [Read more]
Private company SpaceX has received certified approval from the US to send military and spy satellites into space. [Read more]
Essex commuters will be the first to benefit from London’s Crossrail train service, with fare cuts of up to [Read more]
Boohoo’s finance chief Neil Catto was yesterday granted 1.6m share options worth £400,000 after his previous [Read more]
The FCA is considering whether to introduce new rules around PPI complaints following last year's ruling on the [Read more]