September 22, 2020

Eurozone’s current account balance surplus rises 70% in November



The current account balance of the euro zone had a surplus of 34,000 million euros in November, 70% more than a year earlier (20,000 million euros).

As reported on Friday by the European Central Bank (ECB) in November, the surplus of the euro area was reduced by 5.6% compared to October this year (36,000 million euros).

The year-on-year increase comes after the sharp increase in the surplus of goods and the fall in the deficit in secondary incomes.

The surplus of goods amounted to 26,000 million euros (18,000 million euros in November 2018).

The services registered in November a surplus of 10,000 million euros (11,000 million euros a year earlier) and primary income of 7,000 million euros (6,000 million euros a year earlier).

However, secondary incomes recorded a deficit of 10,000 million euros (15,000 million euros a year earlier).

The current account balance measures income and payments abroad by exchange of goods, services, income and transfers.

The ECB added that the current account surplus of the euro zone in cumulative twelve-month terms reached 357,000 million euros in November, 3% of the Gross Domestic Product (GDP) and compared to the surplus of 367,000 million euros in November of 2018 (3.2% of GDP).

In the financial account, residents in the euro area made net acquisitions of foreign portfolio investment securities in November for an amount of 333,000 million euros, in accumulated terms of twelve months, representing a rise from 223,000 million euros. euros in the same month of 2018 in accumulated terms.

Net acquisitions of securities in the euro area of ​​portfolio investment made by non-residents totaled 274,000 million euros in the same period, compared to 130,000 million euros in November 2018 in terms accumulated in twelve months.

.



Source link