Eurozone current account surplus rose in July - ECB

According to the report from European Central Bank, in July 2020 the current account of the euro area recorded a surplus of €17 billion, compared with a surplus of €21 billion in June 2020. Surpluses were recorded for goods (€30 billion) and services (€5 billion). Deficits were recorded for secondary income (€11 billion) and primary income (€6 billion).

In the 12 months to July 2020, the current account recorded a surplus of €259 billion (2.2% of euro area GDP), compared with a surplus of €304 billion (2.6% of euro area GDP) in the 12 months to July 2019. The decline was mainly driven by a reduction in the surplus for services (down from €86 billion to €30 billion), but also by a reduction in the surplus for primary income (down from €86 billion to €53 billion). These developments were partly offset by an increase in the surplus for goods (up from €293 billion to €323 billion) and a decrease in the deficit for secondary income (down from €160 billion to €147 billion).

In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €487 billion in the 12-month period to July 2020 (up from €160 billion in the 12 months to July 2019). Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting to €406 billion (up from €188 billion).