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Surge in tourist spending in Greece helps ease country's annual current account gap

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Surge in tourist spending in Greece helps ease country's annual current account gap

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A rise in tourism revenue in Greece for the first eight months of the year has led to the country’s cumulative current account deficit falling in August.

Spending by foreign visitors is becoming the only growth driver for the eurozone’s worst performing economy.

Tourism receipts, the country’s biggest foreign-currency earner rose 12.4 percent year-on-year to 2.84 billion euros in August generating a current account surplus of just over 1.2 billion euros. That was down from almost 1.7 billion in the same month a year ago.

The industry is forecasting a 10 percent rise in tourism receipts for the full year to 11 billion euros and expecting more than 17 million visitors.

Businesses have slashed prices and upgraded services to weather the crisis.