Financial News: Eurozone Current Account Surplus Declines In July

Eurozone Current Account Surplus Declines In July

09/19/2024 - 05:15:00 (RTTNews)

(RTTNews) - The euro area current account surplus declined in July due to the fall in primary income, the European Central Bank said on Thursday.

The current account posted a surplus of EUR 40 billion compared to June's EUR 51 billion surplus.

The surplus on goods trade fell to EUR 35 billion from EUR 39 billion. Meanwhile, the surplus on services increased to EUR 19 billion from EUR 12 billion.

Primary income showed a shortfall of EUR 1 billion compared to a surplus of EUR 14 billion. At the same time, the deficit on secondary income narrowed to EUR 13 billion from EUR 14 billion.

In the twelve months to July, the current account surplus surged to EUR 388 billion from EUR 71 billion a year ago.

In financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities came in at EUR 477 billion and non-residents' net acquisitions of euro area portfolio investment securities totaled EUR 642 billion in the twelve months to July.

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