Data from the European Central Bank showed that in April, the eurozone's current account surplus (seasonally adjusted) rose to 38.60 billion euros (4-month high) from 35.8 billion euros in March. Economists had expected the surplus to drop to 35.2 billion euros. Surpluses were recorded for goods (38 billion euros), services (11 billion euros) and primary income (2 billion euros). These were partly offset by a deficit for secondary income (12 billion euros).
In the 12 months to April, the current account surplus was 337 billion euros (2.3% of eurozone GDP) compared with a deficit of 53 billion euros (0.4% of GDP) in the 12 months to April 2023. This development was mainly driven by a switch from a deficit (13 billion euros) to a surplus (339 billion euros) for goods and, to a lesser extent, by a switch from a deficit (1 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 155 billion euros). Meanwhile, the surplus for services fell from 126 billion euros to 118 billion euros.
In the financial account, in 12 months to April, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 433 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 585 billion euros.