Financial News: Eurozone Current Account Surplus Surges In June

Eurozone Current Account Surplus Surges In June

08/20/2024 - 08:23:00 (RTTNews)

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

The current account balance showed a EUR 51 billion surplus in June compared to a EUR 38 billion surplus in the previous month. This was the highest since January 2013.

The surplus on goods trade increased further in June, to EUR 39 billion from EUR 34 billion in May. Meanwhile, the surplus on services trade decreased to EUR 12 billion from EUR 14 billion.

Primary income climbed to EUR 14 billion from EUR 3 billion. At the same time, the shortfall on secondary income remained unchanged at EUR 14 billion.

In the twelve months to June, current account surplus increased sharply to EUR 370 billion or 2.5 percent of GDP. In the same period last year, the surplus was EUR 30 billion or 0.2 percent of GDP.

In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 478 billion and non-residents' net acquisitions of euro area portfolio investment securities totaled EUR 612 billion in the twelve months to June, data showed.

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