Market news

20 May 2020

Eurozone's сurrent account surplus fell in March

According to the report from European Central Bank, in March 2020 the current account of the euro area recorded a surplus of €27 billion, compared with a surplus of €38 billion in February 2020. Surpluses were recorded for goods (€32 billion), services (€2 billion) and primary income (€2 billion). These were partly offset by a deficit for secondary income (€9 billion). Amid the coronavirus (COVID-19) pandemic and the measures implemented to contain its spread, both exports and imports of goods and services decreased compared with February 2020 as did credit and debit flows in primary income.

In the 12-month period to March 2020, the current account recorded a surplus of €338 billion (2.8% of euro area GDP), compared with a surplus of €350 billion (3.0% of euro area GDP) in the 12 months to March 2019. This decline was driven by a reduction in the surplus for services (from €115 billion to €61 billion) and for primary income (from €100 billion to €81 billion). These developments were partly offset by a larger surplus for goods (up from €295 billion to €339 billion) and a smaller deficit for secondary income (down from €160 billion to €143 billion).

In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €241 billion in the 12-month period to March 2020 (up from €81 billion in the 12 months to March 2019). Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting to €334 billion (up from €3 billion).

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