Brussels, Belgium (4E) – The current account surplus in the euro area narrowed in June as the deficit on current transfers significantly increased from May, according to the European Central Bank (ECB) report released Tuesday.
On a seasonally adjusted basis, the current account surplus dropped to 13.1bn euros in June from 19.8bn euros in the previous month.
The goods trade surplus slightly fell to 11.6bn euros from 11.7bn euros and the surplus on services dropped to 8.8bn euros from 12.8bn euros a month earlier.
The shortfall on current transfers increased notably to 12.2bn euros from 7bn euros. Meanwhile, income climbed to 4.8bn euros from 2.3bn euros in May.
The current account surplus surged to seasonally unadjusted 20.8bn euros in June from 9.3bn euros in the prior month.
Meanwhile, combined direct and portfolio investment posted net outflows of 14bn euros, the ECB said.