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The euro area current account surplus increased in August driven by the sharp rise in the visible trade surplus, the European Central Bank reported Thursday.
The current account balance showed a surplus of EUR 28 billion compared to a EUR 21 billion surplus in the previous month.
Data showed that the surplus on goods trade surged to EUR 35 billion from EUR 25 billion. Meanwhile, the surplus on services trade narrowed to EUR 6 billion from EUR 10 billion.
Primary income stagnated in August, while the secondary income showed a shortfall of EUR 13 billion versus a EUR 14 billion deficit in July.
In the twelve months to August period, the current account surplus came in at EUR 126 billion, or 0.9 percent of the euro area GDP. This was much bigger than a EUR 12 billion surplus or 0.1 percent of GDP a year earlier.
In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities came in at EUR 307 billion and non-residents' net acquisitions of euro area portfolio investment securities amounted to EUR 489 billion in twelve months to August 2023, the ECB said.
