Financial News: Italy Current Account Surplus Shrinks In July

Italy Current Account Surplus Shrinks In July

09/19/2024 - 06:25:00 (RTTNews)

(RTTNews) - Italy's current account surplus decreased in July from the previous year, the Bank of Italy reported Thursday.

The current account surplus dropped to EUR 5.37 billion from EUR 6.41 billion last year.

The goods surplus decreased to EUR 6.23 billion from EUR 6.43 billion. Similarly, the surplus in services trade shrank to EUR 1.88 billion from EUR 2.11 million.

The primary income balance showed a deficit of EUR 1.41 billion, up from EUR 0.44 billion. The shortfall on secondary income narrowed to EUR 1.33 billion from EUR 1.69 billion.

The capital account shortfall was EUR 283 million in July versus a surplus of EUR 161 million in the previous year. The financial account surplus declined to EUR 11.06 billion from EUR 15.32 billion.

In the twelve months ending in July, the current account surplus came in at EUR 32.7 billion, equivalent to 1.5 percent of GDP, from the EUR 16.1 billion deficit in the corresponding period of 2023.

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