Financial News: Eurozone Current Account Surplus Rises In December

Eurozone Current Account Surplus Rises In December

(RTTNews) - The euro area current account surplus increased in December largely due to the rise in primary income, the European Central Bank reported Friday.

The current account surplus totaled EUR 16 billion compared to a surplus of EUR 13 billion in the previous month. The surplus on goods trade remained unchanged at EUR 8 billion, while the surplus on services trade decreased to EUR 14 billion from EUR 18 billion.

Meanwhile, primary income increased to EUR 7 billion from EUR 2 billion. Moreover, the deficit on secondary income narrowed to EUR 13 billion from EUR 15 billion.

In 2022, the current account registered a deficit of EUR 106 billion or 0.8 percent of euro area GDP, compared with a surplus of EUR 282 billion or 2.3 percent of GDP in 2021.

The change in the current account balance was mainly driven by a switch from a surplus of EUR 287 billion to a deficit of EUR 60 billion for goods, and a reduction in the surplus for primary income to EUR 7 billion from EUR 63 billion.

There was slightly larger deficit for secondary income, to EUR 166 billion from EUR 160 billion. These developments were partly offset by a larger surplus for services to EUR 114 billion from EUR 92 billion.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews