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The euro area current account surplus increased in October amid a favourable service trade balance, data released by the European Central Bank showed on Wednesday.
The current account surplus rose to EUR 34.0 billion in October from EUR 31 billion in the previous month. Meanwhile, the surplus was expected to fall to EUR 27.0 billion.
In the same period last year, the account posted a EUR 9.0 billion deficit.
The surplus on services trade grew to EUR 20 billion from EUR 8.0 billion in the prior month. By contrast, the surplus on goods trade shrank to EUR 30.0 billion from EUR 31.0 billion.
Primary income turned into a shortfall of EUR 2.0 billion versus a EUR 5.0 billion surplus in September. At the same time, the deficit on secondary income remained unchanged at EUR 14 billion.
In the twelve months to October, the current account surplus totaled EUR 218 billion, or 1.5 percent of the euro area GDP. In the corresponding period last year, there was a deficit of EUR 56.0 billion.
In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 398 billion, and non-residents' net acquisitions of euro area portfolio investment securities were EUR 429 billion in the twelve months ended October.
