Financial News: Italy's Current Account Deficit Narrows In November

Italy's Current Account Deficit Narrows In November

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

The current account surplus dropped to EUR 332 million from EUR 848 million last year.

The good surplus increased to EUR 4.39 billion from EUR 4.19 billion. At the same time, the shortfall in services trade narrowed to EUR 1.20 billion from EUR 2.07 billion.

Primary income deficit rose to EUR 2.98 billion from EUR 2.19 billion. Data showed that the shortfall on secondary income dropped to EUR 540 million from EUR 774 million.

The capital account balance turned to a deficit of EUR 108 million from a surplus of EUR 2.05 billion in the previous year. The surplus in the financial account rose to EUR 4.58 billion from EUR 4.32 billion.

In the twelve months ending in November, the current account surplus came in at EUR 28.1 billion, equivalent to 1.3 percent of GDP, compared to a deficit of EUR 3.7 billion in the corresponding period of 2023.

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