Data from the European Central Bank showed that in May, the eurozone's current account surplus (seasonally adjusted) fell to 36.7 billion euros from 38.6 billion euros in April. Economists had expected the surplus to drop to 34.6 billion euros. Surpluses were recorded for goods (33 billion euros), services (15 billion euros) and primary income (4 billion euros). These were partly offset by a deficit for secondary income (14 billion euros).
In the 12 months to May, the current account surplus was 349 billion euros (2.4% of eurozone GDP), after recording a balanced account one year earlier. This development was mainly driven by a shift from a deficit (1 billion euros) to a surplus (347 billion euros) for goods and, to a lesser extent, by a smaller deficit for secondary income (down from 172 billion euros to 166 billion euros) and a larger surplus for services (up from 131 billion euros to 134 billion euros). These developments were partly offset by a reduction in the surplus for primary income (down from 42 billion euros to 34 billion euros).
In the financial account, in 12 months to May, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 513 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 646 billion euros.