The European Central Bank reported on Friday that the euro area's current account surplus declined to its lowest point in three months this past November. Specifically, the surplus reduced to €27 billion from €30 billion in October, marking the lowest level since August, when the surplus was recorded at €23.5 billion.
In detail, the trade surplus in goods experienced growth, rising to €35 billion from €32 billion. In contrast, the surplus in services shrank to €12 billion from €16 billion. Regarding primary income, there was a deficit of €6 billion, a deterioration from the previous month's deficit of €2 billion. However, the secondary income deficit slightly improved, narrowing to €14 billion from €15 billion.
Over the twelve-month period leading up to November, the overall current account surplus reached €412 billion — equivalent to 2.7% of GDP — a notable increase from €225 billion or 1.5% of GDP in the same timeframe the previous year.
In terms of the financial account, euro area residents made net acquisitions of non-euro area portfolio investment securities totaling €620 billion. Meanwhile, non-residents acquired euro area portfolio investment securities, with such acquisitions amounting to €852 billion during the twelve months leading up to November.
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