Eurozone current account surplus fell in November

According to the report from European Central Bank, the current account of the euro area recorded a surplus of €34 billion in November 2019, decreasing by €2 billion from the previous month. Surpluses were recorded for goods (€26 billion), services (€10 billion) and primary income (€7 billion). A deficit was recorded for secondary income (€10 billion).

In the 12 months to November 2019, the current account recorded a surplus of €357 billion (3.0% of euro area GDP), compared with a surplus of €367 billion (3.2% of euro area GDP) in the 12 months to November 2018. This decline was mainly driven by a reduction in the surpluses for services (down from €117 billion to €94 billion) and primary income (down from €91 billion to €87 billion), but also by a widening of the secondary income deficit (up from €146 billion to €157 billion). These developments were only partly offset by a larger surplus for goods (up from €304 billion to €334 billion).

In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €333 billion in the 12-month period to November 2019 (up from €223 billion in the 12 months to November 2018). Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting to €274 billion (up from €130 billion).