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Financial News: Eurozone Current Account Surplus Surges In June

Eurozone Current Account Surplus Surges In June

08/19/2020 - 05:51:00 (RTTNews)

(RTTNews) - The euro area current account surplus surged in June largely driven by the rise in surplus on goods trade, data from the European Central Bank showed Wednesday. The current account surplus rose to a seasonally adjusted EUR 21 billion from EUR 11 billion in May.

The surplus on goods trade increased to EUR 25 billion from EUR 21 billion, while the surplus on services trade remained unchanged at EUR 4 billion.

The primary income fell to EUR 2 billion from EUR 5 billion. Meanwhile, the shortfall on secondary income narrowed to EUR 10 billion from EUR 18 billion in the previous month.

In the 12-month period to June, the current account recorded a surplus of EUR 267 billion or 2.2 percent of euro area GDP, compared with a surplus of EUR 305 billion or 2.6 percent of GDP in the 12 months to June 2019. In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totaling EUR 514 billion in the 12-month period to June 2020.

Over the same period, non-residents made net acquisitions of euro area portfolio investment securities totaled EUR 439 billion.

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