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Financial News: Eurozone Current Account Surplus Falls To 3-Month Low

Eurozone Current Account Surplus Falls To 3-Month Low

05/20/2020 - 07:14:00 (RTTNews)

(RTTNews) - The euro area current account surplus decreased to a three-month low in March largely due to a fall in primary income, data from the European Central Bank showed Wednesday.

The current account surplus declined to a seasonally adjusted EUR 27.3 billion from EUR 38 billion in February. This was the lowest since December 2019.

The surplus on trade in goods rose to EUR 32 billion in March from EUR 31 billion in February, while that in service decreased to EUR 2 billion from EUR 5 billion.

Primary income declined to EUR 2 billion from EUR 10 billion. At the same time, the shortfall in secondary income widened to EUR 9 billion from EUR 8 billion.

In the 12-month period to March, the current account logged a surplus of EUR 338 billion, which was equivalent to 2.8 percent of euro area GDP. This was below a surplus of EUR 350 billion, or 3.0 percent of GDP, registered in the twelve months to March 2019.

In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totaling EUR 241 billion in the 12-month period to March compared to EUR 81 billion in the 12 months to March.

Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting EUR 334 billion versus EUR 3 billion last year, data showed.

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