Eurozone Current Account Surplus At Record High
(RTTNews) - The euro area current account surplus increased to a record high in February, figures from the European Central Bank showed Friday.
The current account surplus surged to a seasonally adjusted EUR 37.9 billion in February from EUR 26.1 billion in January. This was the highest surplus since the formation of the currency bloc.
The surplus on goods trade increased to EUR 29.5 billion from EUR 25.5 billion a month ago. At the same time, the surplus on services more than doubled to EUR 9.5 billion from EUR 3.7 billion.
However, primary income declined to EUR 4.2 billion from EUR 11 billion. The deficit on secondary income narrowed to EUR 5.4 billion from EUR 14 billion.
On an unadjusted basis, the current account surplus totaled EUR 27.9 billion versus EUR 3.1 billion in January.
The 12-month cumulated current account for the period ending February 2017 showed a surplus of EUR 360.2 billion, equivalent to 3.4 percent of euro area GDP, compared with EUR 341.2 billion or 3.2 percent of euro area GDP for the 12 months to February 2016.
In February, combined direct and portfolio investment registered net acquisitions of assets of EUR 149 billion and net incurrences of liabilities of EUR 76 billion.