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Financial News: Eurozone Current Account Surplus Falls In November

Eurozone Current Account Surplus Falls In November

01/17/2020 - 04:17:00 (RTTNews)

(RTTNews) - The euro area current account surplus declined in November from the previous month, the European Central Bank reported Friday.

The current account surplus fell to EUR 34 billion from EUR 36 billion in October. However, the surplus was larger than the EUR 27 billion logged in November 2018.

The visible trade surplus dropped to EUR 26 billion from EUR 32 billion. Likewise, the surplus on services fell to EUR 10 billion from EUR 11 billion.

Meanwhile, primary income climbed to EUR 7 billion from EUR 6 billion and the deficit on secondary income narrowed to EUR 10 billion from EUR 13 billion.

In the 12-month period to November, the current account posted a surplus of EUR 357 billion or 3 percent of GDP compared to EUR 367 billion or 3.2 percent of GDP in the year ended November 2018.

In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totaling EUR 333 billion in the 12-month period to November 2019, up from EUR 223 billion in the 12 months to November 2018.

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