Euro-Zone Current Account Deficit Unexpectly Narrows, Services Surplus Widens
The Euro-Zone posted a July s.a. current account deficit of EUR 1.7B, up from a deficit of EUR 6.1B despite the fact that the trade deficit widened in July. This was counterbalanced by a positive income balance and a widening of the services surplus. The unadjusted Balance of Payment showed direct and portfolio investment outflows of EUR 19.1B, versus inflows of EUR 28.9B in June. Total outflows amounted to EUR 218.7B in the 12 months to July, down from outflows of EUR 160.5B in the 12 months to July last year and with the current account also in the red trends are EUR negative.