Eurozone current account surplus fell in May

The eurozone current account surplus remained elevated in May at a seasonally adjusted €19.6, down from the revised €23.8bn recorded last month and marginally lower than the €20bn expected.

The current account, which measures the net flow of current transactions like goods, services and interest payments in and out of the eurozone, remains down from its all-time high in March 2013 of €25.9bn.

On a non-seasonally adjusted basis, the current account fell sharply to €9.5bn from €16.6bn. Expectations were for a fall to €13bn.