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18.07.2013 10:00

Euro area current account surplus declines in May

Eurozone's current account surplus decreased in May from the previous month, due mainly to higher deficit in current transfers and a decline in revenues, the European Central Bank said Friday.

The seasonally adjusted current account surplus dropped to EUR19.6 billion in May from an upwardly revised EUR23.8 billion in April. In March, the balance was a surplus of EUR23.1 billion.

Driving the deterioration, the shortfall in the current transfers account widened to EUR9.8 billion in May from EUR7.5 billion in April. The surplus in the income account dropped to EUR4.9 billion from EUR5.2 billion.

The services account showed a surplus of EUR6.4 billion during the month, which was lower than EUR8.1 billion recorded a month earlier. Meanwhile, the surplus in the goods trade account increased to EUR18.1 billion from EUR17.9 billion in April, data showed.

On an unadjusted basis, the current account showed a surplus of EUR9.5 billion in May, significantly lower than the revised EUR16.6 billion surplus seen in April.

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