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