Data from the European Central Bank showed that in October, the eurozone's current account surplus (seasonally adjusted) fell to 26.0 billion euros from 39.0 billion euros in September (revised from 37.0 billion euros). Economists had expected a decline to 33.5 billion euros. Surpluses were recorded for goods (30 billion euros) and services (15 billion euros). Deficits were recorded for secondary income (15 billion euros) and primary income (5 billion euros).
In the 12 months to October, the current account surplus was 435 billion euros (2.9% of eurozone GDP), compared with a surplus of 206 billion euros (1.4% of eurozone GDP) one year earlier. This development was mainly driven by a larger surplus for goods (up from 208 billion euros to 397 billion euros), and, to a lesser extent, by a larger surplus for services (up from 129 billion euros to 173 billion euros) and a smaller deficit for secondary income (down from 168 billion euros to 163 billion euros). These developments were partly offset by a reduction in the surplus for primary income (down from 36 billion euros to 28 billion euros).
In the financial account, in the 12 months to October, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 623 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 741 billion euros.