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Financial News: Eurozone Current Account Deficit Widens In April

Eurozone Current Account Deficit Widens In April

06/21/2022 - 06:33:00 (RTTNews)

(RTTNews) - The euro area current account deficit increased notably in April, largely due to the shortfalls in primary and secondary income, the European Central Bank said on Tuesday.

The current account deficit widened to a seasonally adjusted EUR 6 billion from EUR 2 billion in March.

The deficit on goods trade narrowed to EUR 3 billion from EUR 4 billion in the previous month. At the same time, the trade in services showed a surplus of EUR 12 billion but smaller than March's EUR 14 billion surplus.

Primary income posted a shortfall of EUR 1 billion in April after remaining balanced in March. Meanwhile, the deficit on secondary income widened to EUR 14 billion from EUR 12 billion.

In the twelve months to April, the current account recorded a surplus of EUR 182 billion or 1.5 percent of euro area GDP, compared with a surplus of EUR 316 billion or 2.7 percent of GDP in the same period last year.

In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 348 billion and non-residents' net acquisitions of euro area portfolio investment securities came in at EUR 84 billion in twelve months to April.

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