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Financial News: Eurozone Current Account Surplus Rises In April

Eurozone Current Account Surplus Rises In April

06/19/2024 - 05:43:00 (RTTNews)

(RTTNews) - The euro area current account surplus increased to a three-month high in April driven by trade in goods and services, the European Central Bank said Wednesday.

The current account surplus totaled EUR 39 billion compared to March's surplus of EUR 36 billion. This was the highest since January.

Data showed that surpluses in goods, services and primary income were partly offset by a deficit for secondary income.

The surplus on goods trade rose to EUR 38 billion from EUR 33 billion and that on services climbed to EUR 11 billion from EUR 5 billion. Meanwhile, primary income fell to EUR 2 billion from EUR 9 billion.

The secondary income showed a shortfall of EUR 12 billion versus a deficit of EUR 11 billion in the prior month.

In the twelve months to April, the current account posted a surplus of EUR 337 billion or 2.3 percent of GDP. This compares to a deficit of EUR 53 billion in the same period last year.

In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities came in at EUR 433 billion and non-residents' net acquisitions of euro area portfolio investment securities totaled EUR 585 billion in the twelve months to April.

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