The Current Account Surplus Of The Euro Area Grew Sharply In September

The Current Account Surplus Of The Euro Area Grew Sharply In September

The European Central Bank (ECB) said, the current account surplus of the euro area grew sharply in September, reaching its highest level in a year. The current account surplus of the euro area reached € 25 billion in September. That was 4 billion euros more than in the previous month. September's value is the highest since September last year, when the surplus reached 31.5 billion euros. The growth in the current account surplus was largely due to trade in goods and the balance of services. In the case of trade in goods, the surplus increased from € 31 billion in August to € 33 billion, and in the case of the balance of services, the surplus rose from € 4 billion to € 7 billion. The primary income account continued to run a deficit, but the deficit narrowed from € 3 billion to € 2 billion. On the other hand, the deficit in the secondary income account has widened. It reached 11 billion euros in August, and 12 billion euros in September. In the 12 months to the end of September, the current account surplus of the euro area reached € 222 billion. This represents 1.9 percent of the euro area gross domestic product (GDP). In comparison, the euro area recorded a current account surplus of € 270 billion over the same period last year.