Brussels, Belgium (4E) – The current account surplus in the euro area fell in May as the surplus and income on visible trade dropped from the prior month, according to the European Central Bank report released Friday.
On a seasonally adjusted basis, the current account surplus declined to 19.5bn euros from 21.6bn euros in April.
The trade in goods surplus fell to 13.8bn euros in May from 16.9bn euros in April. Meanwhile, the surplus on services jumped to 13bn euros from 10bn euros in the earlier month.
Income fell sharply to 1.7bn euros from 5.4bn in April. Meanwhile, the decline in current transfers decreased to 8.9bn euros from 10.7bn in the previous month.
The current account surplus reached 8.9bn euros in May on an unadjusted basis, compared with April’s 18.8bn euros.
On seasonally adjusted terms, the 12-month cumulated current account posted a surplus of 234.2bn euros in May, which was equivalent to 2.4 percent of the common currency bloc’s gross domestic product.
In May, the combined direct and portfolio investment posted net inflows of 60bn euros driven by net inflows for both portfolio investment and direct investment.