Travel receipts recovered significantly in the January-August period this year, rising 135.7% in comparison with the same period in 2020 and accounting for 50% of 2019 receipts, while non-resident arrivals grew by 79.2% in the eight-month period, the Bank of Greece said on Thursday.

In a monthly report, the central bank said that these positive developments in the tourism sector contributed to reducing the country’s current account deficit by 2.5 billion euros, to €5.4 billion.

A rise in the deficit of the balance of goods was due to the fact that imports increased more than exports in absolute terms.

In more detail, exports grew by 30.3% and 13.5% at current and constant prices, respectively, while imports rose by 27.2% at current prices and by 9.2% at constant prices.

In August, the current account registered a surplus of €1.4 billion, against a €151 million deficit in August 2020.

The rise in the balance of goods deficit is accounted for by a larger increase in imports than in exports.

This article was previously published at ekathimerini.com.