Data from the European Central Bank showed that in March, the eurozone's current account surplus (seasonally adjusted) rose to 35.80 billion euros from 28.9 billion euros in February (revised from 29.50 billion euros). Economists had expected the surplus to rise to 30.2 billion euros. Surpluses were recorded for goods (33 billion euros), primary income (9 billion euros) and services (5 billion euros). These were partly offset by a deficit for secondary income (11 billion euros).
In the 12 months to March, the current account surplus was 310 billion euros (2.1% of eurozone GDP) compared with a deficit of 76 billion euros (0.6% of GDP) in the 12 months to March 2023. This development was mainly driven by a switch from a deficit (34 billion euros) to a surplus (316 billion euros) for goods and, to a lesser extent, by a switch from a deficit (4 billion euros) to a surplus (35 billion euros) for primary income, as well as by a smaller deficit for secondary income (down from 165 billion euros to 157 billion euros). These developments were partly offset by a reduction in the surplus for services (down from 127 billion euros to 116 billion euros).
In the financial account, in 12 months to March, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 484 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 539 billion euros.