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  • Writer's pictureanalysiswatch

Title: Euro zone current account swings back to a surplus in June

Aug 19, 2022 04:15AM ET

By: AnalysisWatch

The euro zone's current account returned to a slight surplus in June. Data from the European Central Bank showed Friday that this was due to an improvement in trade in services and higher primary income, which includes income from foreign investments.

The 19-country currency bloc has run a large current account surplus over the past decade thanks to massive exports of goods and services, but the tide has turned since Russia's war in Ukraine drove up import bills for commodities such as natural gas and metals.

The adjusted current account surplus was 4.24 billion euros in June, down from a deficit of 6.93 billion euros in May. A year earlier, the community surplus was 27.7 billion euros.

In the 12 months to June, the current account surplus narrowed to 0.9% of GDP from 3.1% a year earlier.

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