BRUSSELS (dpa-AFX) - The euro area current account surplus declined sharply to the lowest since early 2023 in August, the European Central Bank reported Tuesday.
The current account surplus fell to EUR 9 billion from EUR 27 billion in the previous month. This was the lowest since January 2023, when the surplus was EUR 5.7 billion.
The surplus on goods trade declined notably to EUR 18 billion from EUR 34 billion in July. Meanwhile, the surplus on services rose moderately to EUR 13 billion from EUR 12 billion a month ago.
The primary income showed a shortfall of EUR 4 billion compared to a EUR 1 billion deficit in the previous month. At the same time, the deficit on secondary income narrowed to EUR 18 billion from EUR 19 billion in July.
In the twelve months to August, the current account surplus totalled EUR 250 billion or 1.5 percent of euro area GDP, which was down from EUR 290 billion posted a year ago.
In financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totalled EUR 798 billion and non-residents' net acquisitions of euro area portfolio investment securities came in at EUR 1,105 billion in the twelve months to August.
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