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- Eurozone's current account surplus was almost unchanged in July
Eurozone's current account surplus was almost unchanged in July
According to the report from the European Central Bank, the current account of the euro area recorded a surplus of €21,6 billion in July 2021 compared to €21.8 billion in June 2021. Surpluses were recorded for goods (€26 billion), services (€6 billion) and primary income (€3 billion). These were partly offset by a deficit for secondary income (€14 billion).
In the 12 months to July 2021, the current account recorded a surplus of €320 billion (2.7% of euro area GDP), compared with a surplus of €232 billion (2.0% of euro area GDP) in the 12 months to July 2020. This increase was driven by larger surpluses for goods (up from €313 billion to €369 billion), services (up from €40 billion to €87 billion) and primary income (up from €32 billion to €35 billion). These developments were partly offset by a larger deficit for secondary income (up from €153 billion to €171 billion).
In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €961 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €61 billion in 12 months to July 2021
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