The euro area current account surplus declined for the second consecutive month in March, with the drop more than the expectations of economists, due to a decrease in the surplus on goods trade and lower primary income, data published by the European Central Bank showed Thursday.
The current account surplus dropped to a seasonally adjusted EUR 18.6 billion from EUR 27.3 billion in February. Economists expected a bigger surplus of 26 billion euros.
Meanwhile, on an unadjusted basis, the surplus rose to EUR 24.9 billion from a revised EUR 14.7 billion in February.
The surplus on trade in goods dropped to a seasonally adjusted EUR 21.6 billion from EUR 27.0 billion in February. On the other hand, the surplus on services trade rose to EUR 5.5 billion from EUR 4.8 billion.
Primary income fell to EUR 2.6 billion from EUR 7.1 billion, while the secondary income shortfall narrowed to EUR 11.2 billion from EUR 11.6 billion a month ago.
Direct and portfolio investment of the financial account recorded a decrease of EUR 4 billion in assets and an increase of EUR 39 billion in liabilities.
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