Euro zone current account surplus narrows in March
The euro zone current account surplus narrowed to 14.9 billion euros in March as the trade surplus declined. Data from the European Central Bank shows the currency bloc surplus fell to 1.7% of GDP for the 12 months through March, down from 2.4% in the previous year.
The European Central Bank reported the Eurozone current account surplus fell to €14.9 billion in March from €25.6 billion. The 12-month surplus dropped to 1.7% of GDP from 2.4% in the preceding year. The seasonally adjusted surplus fell sharply, driven by a decline in the trade surplus.
Data released on Thursday showed a decline in the trade surplus drove the overall current account contraction. ECB figures indicate the seasonally adjusted surplus fell €10.7 billion month-over-month. Unadjusted data from a month earlier showed the surplus widened to €24.1 billion from €21.7 billion, highlighting the contrast in monthly trends.
