After a two-year decrease, 2005 saw a rise in the current account deficit which, growing faster than GDP, increased the deficit's share in GDP by 1.2 points to 6.3 per cent.
According to the HGK analysts, the deficit increase was primarily caused by deteriorating trends on the commodities and income sub-accounts. On the other hand, a surplus increase was recorded on the services sub-account, primarily thanks to tourism, which generated a record-high revenue of six billion euros, up nine per cent from 2004.
The 8.8 per cent slower growth of exports and the simultaneous 4.2 per cent faster growth of imports increased the commodities sub-account deficit by 11.2 per cent or EUR641 million. The trade deficit reached a record-high EUR7.5 billion.
Last year's slower export growth was in great part due to a considerable fall in the export of ships while high oil prices considerably affected the growth of imports.
The income sub-account also recorded a deficit amounting to EUR974.2 million, up 56 per cent from 2004.
As a result of such trends, the surplus growth on the services sub-account was insufficient to prevent the overall current account deficit from growing. The services sub-account surplus was EUR5.3 billion, up 12.8 per cent from 2004.