Data from the European Central Bank showed that in August, the eurozone's current account surplus (seasonally adjusted) rose to 37.0 billion euros from 35.4 billion euros in August (revised from 31.5 billion euros). Economists had expected a decline to 27.0 billion euros. Surpluses were recorded for goods (33 billion euros), services (16 billion euros) and primary income (2 billion euros). A deficit was recorded for secondary income (14 billion euros).
In the 12 months to September, the current account surplus was 425 billion euros (2.8% of eurozone GDP), compared with a surplus of 182 billion euros (1.3% of eurozone GDP) one year earlier. This development was mainly driven by a larger surplus for goods (up from 185 billion euros to 385 billion euros), and, to a lesser extent, by larger surpluses for services (up from 137 billion euros to 167 billion euros), and primary income (up from 27 billion euros to 37 billion euros). The secondary income deficit remained broadly the same (slightly down from 167 billion euros to 164 billion euros).
In the financial account, in the 12 months to September, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 551 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 686 billion euros.