The eurozone's current account surplus experienced a decline in October, largely influenced by deficits in both primary and secondary income balances, according to recent data from the European Central Bank released on Thursday.
In October, the current account surplus was recorded at EUR 26 billion, down from EUR 39 billion in September. The surplus in goods trade decreased slightly to EUR 30 billion from EUR 32 billion, while the services surplus remained stable at EUR 15 billion.
Concurrently, the primary income balance shifted from a surplus of EUR 5 billion in the previous month to a deficit of EUR 5 billion. Additionally, the secondary income deficit widened to EUR 15 billion from EUR 14 billion.
Over the twelve months leading up to October, the cumulative current account surplus reached EUR 435 billion, accounting for 2.9 percent of GDP. This marks a significant rise from the EUR 206 billion, or 1.4 percent of GDP, recorded in the previous year.
In terms of the financial account, eurozone residents' net acquisitions of portfolio investment securities in non-euro areas totaled EUR 623 billion, while non-residents' net acquisitions of euro area portfolio investment securities amounted to EUR 741 billion across the same twelve-month period ending in October.
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