Euro Area Current Account Surplus Contracts in March, Driven by Narrowing Trade Balance

Deep News05-21 16:50

Data released by the European Central Bank on Thursday shows that the Eurozone's overall current account surplus contracted significantly in March, primarily due to a notable decline in the trade surplus, which was weighed down by rising energy costs. After seasonal adjustments, the Eurozone's current account surplus in March decreased from 25.6 billion euros to 14.9 billion euros; unadjusted data indicates that the surplus from the previous month expanded from 21.7 billion euros to 24.1 billion euros. Over the past twelve months up to March this year, the current account surplus of the currency area as a percentage of gross domestic product (GDP) fell to 1.7%, down from 2.4% in the preceding twelve-month period.

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