The Eurozone current account surplus dropped unexepctedly in June, but continues to show strong growth on an annual basis thanks largely to the goods surplus.
The European Central Bank posted a current account surplus of €16.9bn (£14.4bn) in June, seasonally adjusted. This was down from May’s €19.5bn surplus, and missed analyst forecasts of €19.0bn.
The current account measures the net flow of current transactions (including goods, services and interest payments), in and out of the Eurozone. Surpluses were measured in goods (€11.8bn), services (€8.7bn) and income (€6.4bn), partially offset by a deficit in current transfers (€10.1bn).
Non-seasonally adjusted, June’s current account surplus was €26.1bn, up from €9.3bn the month before.
For the period ending June 2013, the seasonally adjusted surplus was €196.1bn (2.1 per cent of euro area GDP), compared with a surplus of €66.1bn (0.7 per cent of euro area GDP) the year before.
This was primarily driven by an increase in the goods surplus to €152.7bn from €53.3bn. The income and services surpluses also increased, while the current transfers deficit remained broadly unchanged.