Financial News: Italy Current Account Surplus Rises In May

Italy Current Account Surplus Rises In May

07/19/2024 - 06:57:00 (RTTNews)

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

The current account surplus rose to EUR 2.08 billion from EUR 0.99 billion last year.

The good surplus increased to EUR 6.81 billion from EUR 5.31 billion. At the same time, the shortfall in services trade narrowed to EUR 76 million from EUR 634 million.

The primary income balance showed a deficit of EUR 3.82 billion from EUR 2.42 billion. The shortfall on secondary income dropped to EUR 0.84 billion from EUR 1.26 billion.

The capital account shortfall was EUR 307 million in May, down from EUR 435 million in the previous year. Meanwhile, the financial account balance turned to a surplus of EUR 12.2 billion from a deficit of EUR 7.3 billion in May 2023.

In the twelve months ending in May, the current account surplus came in at EUR 29.7 billion, equivalent to 1.4 percent of GDP, from EUR 25.06 billion in the corresponding period of 2023.

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