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Financial News: Eurozone Current Account Surplus At 6-Month Low

Eurozone Current Account Surplus At 6-Month Low

01/18/2024 - 04:39:00 (RTTNews)

(RTTNews) - The euro area current account surplus declined to a six-month low in November on sharp fall in primary income, the European Central Bank said Thursday.

The current account surplus declined to EUR 25 billion in November from EUR 32 billion in October. This was the lowest since May.

The surplus on goods trade rose to EUR 33 billion from EUR 29 billion in the previous month. Likewise, the surplus on services increased to EUR 21 billion from EUR 19 billion.

Primary income showed a shortfall of EUR 16 billion compared to a deficit of EUR 2 billion a month ago. At the same time, the secondary income showed a negative balance of EUR 13 billion compared to negative EUR 14 billion in October.

In twelve months to November, the current account surplus totaled EUR 231 billion, which was equivalent to 1.6 percent of GDP. This was in contrast to the EUR 68 billion deficit posted in the same period last year.

In financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 457 billion. Non-residents' net acquisitions of euro area portfolio investment securities came in at EUR 409 billion in the twelve months to November.

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