Eurozone Current Account Surplus Declines In August

The euro area current account surplus declined sharply in August, the European Central Bank said on Wednesday.

The current account surplus fell to EUR 13 billion in August from EUR 23 billion in July.

The surplus on goods trade came in at EUR 17 billion versus EUR 26 billion a month ago. At the same time, the balance on services trade showed a deficit of EUR 1 billion compared to a surplus of EUR 7 billion in the previous month.

Primary income rose to EUR 5 billion from EUR 4 billion, while the deficit on secondary income narrowed to EUR 8 billion from EUR 14 billion in July.

In twelve months to August, the current account surplus totaled EUR 328 billion or 2.8 percent of euro area GDP, up from EUR 176 billion or 1.5 percent a year earlier.

In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities came in at EUR 942 billion and non-residents' net acquisitions of euro area portfolio investment securities totaled EUR 129 billion in twelve months to August.

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