Eurozone Current Account Surplus Lowest Since Early 2023

(RTTNews) - The euro area current account surplus declined to the lowest since early 2023 largely due to the fall in goods trade surplus, data from the European Central Bank showed on Monday.

The current account surplus decreased to EUR 12 billion in August from EUR 30 billion in July. This was the lowest since April 2023, when the surplus was EUR 10 billion.

The trade in goods showed a surplus of EUR 15 billion compared to July's EUR 25 billion surplus. The services surplus dropped to EUR 14 billion from EUR 13 billion in the previous month.

Primary income posted a EUR 1 billion deficit in August, in contrast to the surplus of EUR 8 billion a month ago. The shortfall in the secondary income remained unchanged at EUR 16 billion.

In the twelve months to August, the current account surplus totaled EUR 303 billion or 2.0 percent of euro area GDP, down from EUR 404 billion or 2.7 percent of GDP a year earlier.

In financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities stood at EUR 848 billion and non-residents' net acquisitions of euro area portfolio investment securities totaled EUR 745 billion in the twelve months to August.