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Financial News: Eurozone Current Account Surplus Rises In March

Eurozone Current Account Surplus Rises In March

05/21/2024 - 04:25:00 (RTTNews)

(RTTNews) - The euro area current account surplus increased in March on improving primary income, the European Central Bank reported Tuesday.

The current account balance posted a surplus of EUR 36 billion in March compared to a EUR 29 billion surplus in February. In the same period last year, the balance was in EUR 13 billion surplus.

The surplus on goods trade fell to EUR 33 billion from EUR 34 billion in the prior month. Likewise, the services surplus decreased to EUR 5 billion from EUR 7 billion.

Primary income reported a surplus of EUR 9 billion, in contrast to a deficit of EUR 3 billion in February. Meanwhile, the shortfall in secondary income widened to EUR 11 billion from EUR 9 billion.

In the twelve months to March, the current account surplus totaled EUR 310 billion or 2.1 percent of euro area GDP. This compared to a deficit of EUR 76 billion or 0.6 percent of GDP a year ago.

In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 484 billion and non-residents' net acquisitions of euro area portfolio investment securities came in at EUR 539 billion in the twelve months to March, the ECB reported.

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