Financial News: Italy Current Account Surplus Grows In August

Italy Current Account Surplus Grows In August

10/18/2024 - 06:51:00 (RTTNews)

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

The current account surplus rose to EUR 1.38 billion from EUR 0.76 billion last year.

The goods trade surplus shrank to EUR 1.84 billion from EUR 2.35 billion. Data showed that the service surplus rose to EUR 1.2 billion from EUR 0.5 billion.

The primary income balance showed a shortfall of EUR 76 million, down from EUR 344 million. The shortfall on secondary income dropped somewhat to EUR 1.59 billion from EUR 1.77 billion.

The capital account balance turned to a deficit of EUR 271 million in August from a surplus of EUR 1.5 billion in the previous year. Meanwhile, the financial account surplus shrank to EUR 4.4 billion from EUR 7.0 billion in August 2023.

In the twelve months ending in August, the current account surplus came in at EUR 21.4 billion, equivalent to 1.0 percent of GDP, compared to a deficit of EUR 14.1 billion in the corresponding period of 2023.

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