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- Eurozone сurrent account surplus surges in July
Eurozone сurrent account surplus surges in July
According to the report from European Central Bank, in July 2019 the current account of the euro area recorded a surplus of €21 billion, compared with a surplus of €18 billion in June 2019. Surpluses were recorded for goods (€26 billion), primary income (€6 billion) and services (€2 billion). These were partly offset by a deficit for secondary income (€14 billion).
In the 12 months to July 2019, the current account recorded a surplus of €317 billion (2.7% of euro area GDP), compared with a surplus of €383 billion (3.3% of euro area GDP) in the 12 months to July 2018. This decline was mainly driven by a smaller surplus for services (down from €117 billion to €89 billion) and a bigger deficit for secondary income (up from €139 billion to €159 billion). Smaller surpluses for goods (down from €311 billion to €297 billion) and primary income (down from €93 billion to €90 billion) also contributed to the decline.
In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €87 billion in the 12-month period to July 2019 (down from €457 in the 12 months to July 2018). Non-residents made net acquisitions of euro area portfolio investment securities amounting to €101 billion (down from €246 billion).
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