Data from the European Central Bank showed that in November, the eurozone's current account surplus (seasonally adjusted) fell to 27.0 billion euros from 30.2 billion euros in October (revised from 33.5 billion euros). Economists had expected a decline to 28.0 billion euros. Surpluses were recorded for goods (35 billion euros) and services (12 billion euros). Deficits were recorded for secondary income (14 billion euros) and primary income (6 billion euros).
In the 12 months to November, the current account surplus was 412 billion euros (2.7% of eurozone GDP), compared with a surplus of 225 billion euros (1.5% of eurozone GDP) one year earlier. This development was mainly driven by a larger surplus for goods (up from 233 billion euros to 386 billion euros), and, to a lesser extent, by a larger surplus for services (up from 128 billion euros to 159 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 33 billion euros to 30 billion euros).
In the financial account, in the 12 months to November, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 620 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 852 billion euros.