Economic buzz: Eurozone current account surplus surges

The euro area current account surplus increased sharply in May largely due to the rise in services surplus, the European Central Bank reported Friday.

The current account balance showed a surplus of EUR 32.3 billion in May compared to a surplus of EUR 18.6 billion in April.

Data showed that surpluses were recorded for goods, services and primary income, while secondary income was in deficit.

The surplus on goods trade rose moderately to EUR 33 billion from EUR 31 billion in April. At the same time, the surplus on services trade nearly doubled to EUR 13 billion from EUR 7 billion.

Primary income registered a surplus of EUR 2 billion compared to a shortfall of EUR 3 billion a month ago. At the same time, the shortfall in secondary income remained unchanged at EUR 16 billion.

During twelve months to May, the current account surplus totalled EUR 333 billion or 2.1 percent of euro area GDP. In the same period last year, the surplus was EUR 364 billion or 2.5 percent of GDP.

In financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities was EUR 758 billion and non-residents' net acquisitions of euro area portfolio investment securities came in at EUR 744 billion in the twelve months to May, data showed.

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