Financial News: Italy Current Account Surplus Grows In December

Italy Current Account Surplus Grows In December

(RTTNews) - Italy's current account surplus increased notably in December from the previous year, the Bank of Italy reported Wednesday.

The current account surplus rose to EUR 4.23 billion from EUR 2.2 billion last year.

The good surplus increased to EUR 6.45 billion from EUR 5.78 billion. At the same time, the deficit in services trade narrowed to EUR 547 million from EUR 963 million.

The primary income balance turned to a surplus of EUR 435 million from a deficit of EUR 655 million. The shortfall on secondary income rose to EUR 2.12 billion from EUR 1.98 billion.

The capital account balance turned to a shortfall of EUR 176 million in December from a surplus of EUR 1.62 million in the previous year. Meanwhile, the financial account surplus increased to EUR 12.9 billion from EUR 9.9 billion in December 2023.

In 2024, the current account surplus came in at EUR 30.0 billion, equivalent to 1.4 percent of GDP, compared to a balanced account in 2023. The significant improvement in the goods balance and a pronounced narrowing in the services deficit more than offset the modest deterioration in the primary income deficit.

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