Eurozone Current Account Surplus At 3-Year Low
The euro area current account surplus declined to a three-year low in April, the European Central Bank showed Friday.
The current account surplus fell to EUR 14.4 billion in April from EUR 27.4 billion in March. This was the lowest since April 2017, when the surplus was EUR 11.7 billion.
The surplus on trade in goods narrowed to EUR 13 billion from EUR 32 billion a month ago. Meanwhile, the surplus on services doubled to EUR 4 billion from EUR 2 billion.
Primary income rose to EUR 9 billion from EUR 2 billion. On the other hand, the deficit on secondary income widened to EUR 12 billion from EUR 9 billion.
In the 12-month period to April, the current account logged a surplus of EUR 334 billion or 2.8 percent of euro area GDP, compared with a surplus of EUR 329 billion or 2.8 percent of euro in the 12 months to April 2019.
In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totaling EUR 394 billion in the 12-month period to April, up from EUR 64 billion in the 12 months to April 2019.