Greece's Current Account Swings to Surplus in January

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Greece's current account shifted to a surplus in January compared to a year ago, primarily due to an improvement in the secondary income account, according to data from the Bank of Greece released on Friday.

The country's current account balance turned to a surplus of EUR 1.76 billion from a deficit of EUR 161.5 million in the corresponding month last year.

The visible trade deficit increased to EUR 2.69 billion from EUR 2.47 billion last year, reflecting a larger decrease in exports compared to imports.

Meanwhile, the surplus in the services balance rose to EUR 437.1 million from EUR 289.2 million a year ago.

The primary income surplus narrowed to EUR 412.9 million from EUR 517.0 million last year.

The secondary income balance recorded a surplus of EUR 3.5 billion in January, a significant increase from EUR 1.5 billion.

At the beginning of the year, the capital account balance showed a shortfall of EUR 166.9 million, while the financial account surplus rose to EUR 2.0 billion.

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