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Financial News: Eurozone Current Account Deficit Narrows In September

Eurozone Current Account Deficit Narrows In September

11/22/2022 - 04:52:00 (RTTNews)

(RTTNews) - The euro area current account deficit narrowed to a six-month low in September largely driven by the decline in goods deficit and rising primary income, the European Central Bank said on Tuesday.

The current account deficit decreased to a seasonally adjusted EUR 8.06 billion from a record EUR 26.94 billion shortfall in August. This was the smallest deficit since March.

Deficits were recorded for secondary income and goods. These were partly offset by surpluses for primary income and services.

Although goods trade posted deficit in September, the shortfall halved to EUR 11 billion from EUR 22 billion a month ago. Trade in services resulted in a surplus of EUR 6 billion versus EUR 7 billion a month ago.

Primary income increased sharply to EUR 9 billion from EUR 3 billion. Meanwhile, the deficit on secondary income narrowed to EUR 12 billion from EUR 15 billion.

In the twelve months to September, the current account registered a deficit of EUR 50 billion, or 0.4 percent of euro area GDP, in contrast to a surplus of EUR 336 billion or 2.8 percent of GDP in the twelve months to September 2021.

In financial account, euro area residents' net sales of non-euro area portfolio investment securities totaled EUR 167 billion and non-residents' net sales of euro area portfolio investment securities came in at EUR 22 billion in twelve months to September.

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