Tuesday, June 26, 2012

Some good news from Greece

Greece's current account imbalance shrunk rapidly in the first four months of 2012 compared with the same period a year ago. 

Much of the impact came from a decline in imports but Greek exports also did their part - rising at an annual rate of 6.5% which is well above the Troika's 2012 projected export increase of 3% (page 85 of that document).   

Source (for both) Bank of Greece

Of course a real test will come when tourist receipts from the summer holiday's come in.  There have been various media reports that foreigners are avoiding Greece due to the political environment. 

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