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- Eurozone current account surplus fell sharply in May
Eurozone current account surplus fell sharply in May
According to the report from European Central Bank, the current account of the euro area recorded a surplus of €8 billion in May 2020, decreasing by €6 billion from the previous month. Surpluses were recorded for goods (€17 billion), primary income (€5 billion) and services (€4 billion). These were partly offset by a deficit for secondary income (€18 billion).
In the 12-month period to May 2020, the current account recorded a surplus of €264 billion (2.2% of euro area GDP), compared with a surplus of €318 billion (2.7% of euro area GDP) in the 12 months to May 2019.
In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €468 billion in the 12-month period to May 2020 (up from €72 billion in the 12 months to May 2019). Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting to €355 billion (up from €132 billion).
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