Eurozone Current Account Surplus Falls In March
The euro area current account surplus declined in March largely due to widening shortfall on secondary income, figures from the European Central Bank showed Friday.
The current account surplus fell to a seasonally adjusted EUR 34.1 billion in March from a record EUR 37.8 billion in February.
The visible trade surplus decreased moderately to EUR 29 billion from EUR 29.4 billion. Meanwhile, the surplus on services increased to EUR 11.6 billion from EUR 10.2 billion in the previous month.
Primary income dropped to EUR 3.4 billion from EUR 3.8 billion. At the same time, the deficit on secondary income widened to EUR 9.8 billion from EUR 5.5 billion a month ago.
On an unadjusted basis, the current account surplus surged to EUR 44.8 billion from revised EUR 27.8 billion in February.
The 12-month cumulated current account for the period ending in March registered a surplus of EUR 363.6 billion, equivalent to 3.4 percent of euro area GDP.
In March, combined direct and portfolio investment posted net acquisitions of assets of EUR 75 billion and net incurrences of liabilities of EUR 32 billion.