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- Eurozone's current account surplus fell sharply in January
Eurozone's current account surplus fell sharply in January
According to the report from European Central Bank, the current account of the euro area recorded a surplus of €30 billion in January 2021, decreasing by €7 billion from the previous month. Surpluses were recorded for goods (€39 billion) and services (€12 billion). These were partly offset by deficits for secondary income (€17 billion) and primary income (€4 billion).
In the 12 months to January 2021, the current account recorded a surplus of €263 billion (2.3% of euro area GDP), compared with a surplus of €262 billion (2.2% of euro area GDP) in the 12 months to January 2020. The surplus for goods and for services increased (up from €330 billion to €353 billion and from €48 billion to €49 billion, respectively). The surplus for primary income (from €40 billion to €17 billion) declined and the deficit for secondary income (up from €156 billion to €157 billion) increased slightly.
In financial account, euro area residents’ net acquisitions of foreign portfolio investment securities totalled €681 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €126 billion in 12 months to January 2021
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