According to a Bank of Greece report, issued on November 19, Greece's current account deficit contracted by about 76.5% in the period January-September 2012, falling to € 3.5 billion against € 14.8 billion in the corresponding period in 2011.

This impressive drop primarily reflects a significant decline- by € 5.3 billion- in the trade deficit, a € 4.4 billion decrease in the income account deficit, as well as respective increases by € 933 million and € 590 million in the surpluses of the current transfers balance and the services balance.

The report also states that, in September 2012, the combined current account and capital transfers balance, which correspond to the economy’s external financing requirements, showed a surplus of € 767 million against a deficit of € 1.1 billion in September 2011.

Kathimerini: Impressive drop in current account deficit by September