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Financial News: Eurozone Current Account Surplus Falls

Eurozone Current Account Surplus Falls

05/20/2021 - 04:37:00 (RTTNews)

(RTTNews) - Eurozone's current account surplus in March decreased from the previous month, data from the European Central Bank showed Thursday. The current account surplus dropped to EUR 18 billion from EUR 26 million in February. In the same month last year, the surplus was EUR 10 billion. The goods trade surplus decreased to EUR 24 billion from EUR 33 billion in the previous month. The surplus in the services trade fell to EUR 8 billion from EUR 12 billion. In the same month last year, there was a deficit of EUR 7 billion as the coronavirus pandemic severely hurt economic activity. In March, the primary income balance was minus EUR 2 billion, same as in February and in the same month a year ago. The secondary income balance was minus EUR 12 billion versus minus EUR 16 billion in the previous month and minus EUR 11 billion last year.

In the 12 months to March, the current account surplus was EUR 267 billion, or 2.4 percent of euro area GDP, versus EUR 247 billion, or 2.1 percent, in the same period last year. Direct investment by euro area residents in non-euro area assets was EUR 13 billion in the 12-month period to March 2021, versus net disinvestments of EUR 95 billion in the same period last year. Investments in euro area assets by non-residents increased to EUR 212 billion from EUR 46 billion last year. Net purchases of foreign debt securities by euro area residents increased to EUR 614 billion in the 12-month period to March 2021 from EUR 203 billion in the same period a year ago. Purchases of foreign equity increased to EUR 488 billion from EUR 24 billion.

Non-residents made net sales of euro area debt securities totaling EUR 140 billion in the 12 months to March 2021, following net purchases of EUR 231 billion last year. Their net purchases of euro area equity increased to EUR 263 billion from EUR 172 billion.

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