Greece's current account balance in 2013, showed the first annual surplus since 1948, the Bank of Greece announced on Wednesday (02.19). In a report, the central bank said that the current account balance showed a surplus of €1.2 billion last year, against a deficit of €4.6 billion in 2012, reflecting primarily a significant reduction of the trade deficit by €2.4 billion and rising surplus in the current transfer balance (by € 3.0 billion) and the services balance (by € 1.7 billion).

The balance reflects the improved competitiveness of the Greek economy, while the fact that it has swung €36 billion within just five years points to the major adjustment achieved during that period.

Apart from oil product exports, which account for the bulk of this increase, the contribution of foods and beverages and non-metallic mineral products was also significant. The decline in the import bill resulted mainly from lower oil imports, the report said. An increase was also registered in the services surplus, mainly due to higher net travel receipts.

Furthermore, the current account data signal an end of the twin-deficit period for Greek economy, that of current accounts and of the state budget‏.