Data from the European Central Bank showed that in February, the eurozone's current account surplus (seasonally adjusted) fell to 29.50 billion euros from 39.4 billion euros in January (revised from 39.35 billion euros). Economists had expected the surplus to rise to 45.2 billion euros. Surpluses were recorded for goods (34 billion euros) and services (7 billion euros). Deficits were recorded for secondary income (9 billion euros) and primary income (2 billion euros).
In the 12 months to February, the current account surplus was 288 billion euros (2.0% of eurozone GDP) compared with a deficit of 95 billion euros (0.7% of GDP) in the 12 months to February 2023. This development in the current account balance was mainly driven by a switch from a deficit (69 billion euros) to a surplus (309 billion euros) for goods, and, to a lesser extent also by a switch from a deficit (1 billion euros) to a surplus (24 billion euros) for primary income, and by a smaller deficit for secondary income (down from 163 billion euros to 159 billion euros). These developments were partly offset by a reduction in the surplus for services (down from 137 billion euros to 114 billion euros).
In the financial account, in 12 months to February, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 443 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 614 billion euros.