After three deficits in a row, the current account of the euro zone has again posted a surplus. The increase in June was around four billion euros, as the European Central Bank (ECB) announced on Friday in Frankfurt. In May there was still a deficit of around seven billion euros.
Normally, the euro zone shows a clear surplus in the current account, not least because of the brisk export of goods to other economic areas.
At times, however, the balance of goods turned negative. The trade balance was recently burdened by high import prices for energy and raw materials. In addition, exports are being impacted by the weakening global economy. In June, a deficit of 0.3 billion euros was recorded in the balance of goods.
The current account was supported by a surplus in the services account (+18 billion euros) and the primary income account (+4 billion euros). This contrasted with a deficit in the secondary income balance of 17 billion euros. Transfers for which there is no consideration are recognized in the secondary income statement. These include, for example, payments to international organizations or development aid.
The current account shows trade in goods and services as well as income transfers. It thus represents the economic exchange of the euro zone with countries outside the currency area. (dpa)