Data from the European Central Bank showed, on Thursday, that “the surplus in current transactions for the euro area increased in May, with an increase in the surplus in trade in goods and services.”
On the basis of adjusted data, the euro zone, which includes 20 countries, recorded a surplus of 9.1 billion euros, compared to 3.8 a month ago, while unadjusted data showed a deficit of 11.3 billion euros, after a surplus of 4.3 billion euros.
In the 12 months to May, the bloc’s current account deficit was 0.4% of GDP, following a 1.3% surplus from the previous 12 months.
The eurozone ran a huge surplus for several years, until the war in Ukraine drove up energy import prices.
However, last year’s huge deficit, driven by high energy prices, has now been reduced considerably, as the eurozone has been in surplus every month since November. (Reuters)
2023-07-20 11:51:25
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