Data from the European Central Bank showed that in July, the eurozone's current account surplus (seasonally adjusted) fell to 39.6 billion euros from 51.0 billion euros in June (revised from 50.5 billion euros). Economists had expected a decline to 40.3 billion euros. Surpluses were recorded for goods (35 billion euros) and services (19 billion euros). Deficits were recorded for secondary income (13 billion euros) and primary income (1 billion euros).
In the 12 months to July, the current account surplus was 388 billion euros (2.6% of eurozone GDP), compared with a surplus of 71 billion euros (0.5% of eurozone GDP) one year earlier. This development was mainly driven by a larger surplus for goods (up from 77 billion euros to 371 billion euros), and, to a lesser extent, by larger surpluses for services (up from 127 billion euros to 140 billion euros) and primary income (up from 36 billion euros to 39 billion euros), as well as a smaller deficit for secondary income (down from 169 billion euros to 163 billion euros).
In the financial account, in 12 months to July, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 477 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 642 billion euros.