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Financial News: Eurozone Current Account Surplus At 9-Month Low

Eurozone Current Account Surplus At 9-Month Low

05/18/2018 - 04:36:00 (RTTNews)

(RTTNews) - The euro area current account surplus declined for the second straight month in March to the lowest level in nine months, the European Central Bank reported Friday.

The current account surplus fell to a seasonally adjusted EUR 32.0 billion in March from EUR 36.8 billion in February.

Moreover, this was the smallest trade surplus since June last year, when it was EUR 24.5 billion.

The surplus on goods trade rose to EUR 30.2 billion from EUR 28.7 billion. The surplus on services increased to EUR 9.4 billion from EUR 9.2 billion a month ago.

At the same time, primary income totaled EUR 3.9 billion in March, down from EUR 6.8 billion in February. On the other side, the secondary income showed a shortfall of EUR 11.5 billion, which was higher than the EUR 8.0 billion deficit posted in February.

In the financial account, combined direct and portfolio investment recorded net acquisitions of assets of EU 61 billion and net incurrences of liabilities of EUR 30 billion.

The 12-month cumulated current account for the period ending March 2018 showed a surplus of EUR 407.7 billion, or equivalent to 3.6 percent of GDP. In the same period last year, the surplus was EUR 375.6 billion, or 3.5 percent of GDP.

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