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Financial News: Eurozone Current Account Deficit Remains Unchanged

Eurozone Current Account Deficit Remains Unchanged

07/20/2022 - 06:50:00 (RTTNews)

(RTTNews) - The eurozone current account deficit remained unchanged in May, the European Central Bank said on Wednesday.

The current account deficit held steady at EUR 4.0 billion in May. In the same period last year, there was a surplus of EUR 27 billion.

In May, the surplus on services was offset by deficits in the secondary income and goods trade.

The trade in goods showed a shortfall of EUR 1.0 billion compared to a balanced situation in the previous month. Meanwhile, the surplus on trade in services rose to EUR 13 billion from EUR 11 billion.

Primary income remained balanced in May versus a deficit of EUR 1.0 billion in April. At the same time, the shortfall in secondary income widened to EUR 16 billion from EUR 14 billion.

In the twelve months to May, the current account surplus totaled EUR 138 billion, or 1.1 percent of GDP, down from EUR 352 billion or 3.0 percent a year ago.

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