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- Eurozone's сurrent account surplus rose sharply in September
Eurozone's сurrent account surplus rose sharply in September
According to the report from European Central Bank, the current account of the euro area recorded a surplus of €25 billion in September 2020, increasing by €4 billion from the previous month. Surpluses were recorded for goods (€33 billion) and services (€7 billion). Deficits were recorded for secondary income (€12 billion) and primary income (€2 billion).
In the 12 months to September 2020, the current account recorded a surplus of €222 billion (1.9% of euro area GDP), compared with a surplus of €270 billion (2.3% of euro area GDP) in the 12 months to September 2019. This decline was driven by reductions in the surpluses for services (down from €72 billion to €20 billion) and for primary income (down from €65 billion to €22 billion). These developments were partly offset by a larger surplus for goods (up from €298 billion to €327 billion) and a smaller deficit for secondary income (down from €164 billion to €147 billion).
In financial account, euro area residents’ net acquisitions of foreign portfolio investment securities totalled €462 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €384 billion in 12 months to September 2020
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