Data from the European Central Bank showed that in August, the eurozone's current account surplus (seasonally adjusted) fell to 31.0 billion euros from 41.0 billion euros in July (revised from 39.6 billion euros). The latest reading was the lowest since February. Economists had expected an increase to 42.2 billion euros. Surpluses were recorded for goods (32 billion euros) and services (19 billion euros). Deficits were recorded for secondary income (15 billion euros) and primary income (4 billion euros).
In the 12 months to August, the current account surplus was 408 billion euros (2.8% of eurozone GDP), compared with a surplus of 138 billion euros (1.0% of eurozone GDP) one year earlier. This development was mainly driven by a larger surplus for goods (up from 147 billion euros to 379 billion euros), and, to a lesser extent, by larger surpluses for services (up from 129 billion euros to 162 billion euros) and primary income (up from 29 billion euros to 33 billion euros). The secondary income deficit remained broadly stable (down from 166 billion euros to 165 billion euros).
In the financial account, in 12 months to August, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 510 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 718 billion euros.