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Eurozone Current Account Surplus Falls In July

The euro area current account surplus declined in July due to a fall in primary income, the European Central Bank reported Friday.

The current account surplus decreased to a seasonally adjusted EUR 17 billion from EUR 21 billion in June. In the same period last year, the surplus was EUR 24 billion.

The surplus on goods trade rose to EUR 30 billion from EUR 25 billion a month ago and that on services climbed to EUR 5 billion from EUR 4 billion.

The primary income showed a negative balance of EUR 6 billion versus a + EUR 2 billion in June. At the same time, the shortfall on secondary income widened to EUR 11 billion from EUR 10 billion in the previous month.

In the twelve-month period to July, the current account recorded a surplus of EUR 259 billion or 2.2 percent of euro area GDP, compared with a surplus of EUR 304 billion or 2.6 percent of GDP in the twelve months to July 2019.

Data showed that the financial account surplus declined to EUR 226 billion in July from EUR 324 billion in the same period last year.

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