The table below shows the development of Greece's current account in the period January-June 2012 relative to the same period the year before (in BEUR):
|Revenue from abroad|
|Services (e. g. tourism)||11,7||11,5|
|Total revenue from abroad||25,9||26,7|
|Services (e. g. tourism)||7,2||6,5|
|Other expense (e. g. interest)||5,9||3,8|
|Total expenses abroad||38,9||33,9|
|Net foreign deficit (current account)||-13,0||-7,2|
The improvement continues: the current account deficit declined 45% (!) and the rate of decline has gone on up from 35% back in March! Imports declined 9% whereas exports increased 10%!
Regarding the income/expense relation, Greece as a country is still spending 1.270 Euros abroad for every 1.000 Euros earned abroad. That is a 27% excess of spending over income. This is much worse when only considering the trade account where Greece is importing 2.070 Euros for every 1.000 Euros which it is exporting!
Note: in the month of June alone, the current account deficit delined by an incredible 83%! Interestingly, though, revenues from incoming tourism declined 7% whereas expenses due to outgoing tourism increased 11%. This is unusual because it would imply that the reverse of the desired goal is happening --- it is foreign tourists who should increase their spending in Greece and not Greek tourists abroad.
Previous analyses: March, April, May.