Italy's current account shortfall decreased significantly from last year in October, helped mainly by a marked improvement in merchandise trade, data released by the Bank of Italy showed Tuesday.
The current account deficit plunged to EUR245 million in October from EUR2.32 billion in the same month last year.
Driving the improvement in the balance, the merchandise trade account swung to a surplus of EUR2.51 billion in from a deficit of EUR476 million in October 2011. The services account showed a surplus of EUR97 million, compared to a deficit of EUR588 million a year earlier.
The shortfall in the income account, meanwhile, widened notably to EUR2.04 billion from EUR634 million, while the deficit in the current transfers account increased to EUR805 million from EUR622 million in October last year, data showed.
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