Eurozone current account surplus increased in June

According to the report from European Central Bank, the current account of the euro area recorded a surplus of €18 billion in June 2019, a decrease of €12 billion from the previous month. Surpluses were recorded for goods (€25 billion), primary income (€4 billion) and services (€3 billion). These were partly offset by a deficit for secondary income (€14 billion).

In the 12 months to June 2019, the current account recorded a surplus of €318 billion (2.7% of euro area GDP), compared with a surplus of €391 billion (3.4% of euro area GDP) in the 12-month period to June 2018. This decline was driven by smaller surpluses for goods (down from €318 billion to €290 billion), services (down from €117 billion to €96 billion) and primary income (down from €94 billion to €91 billion), as well as by a larger deficit for secondary income (up from €138 billion to €159 billion).

In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €58 billion in the 12-month period to June 2019 (decreasing from €484 billion in the 12-month period to June 2018). Non-residents’ net purchases of euro area portfolio investment securities amounted to €42 billion (down from €249 billion).