The euro area recorded a current account surplus of €51 billion ($56.5 billion) in June 2024, up €13 billion from the previous month, according to latest data released by the European Central Bank (ECB) on Tuesday. The surplus was driven by positive balances in goods (€39 billion), primary income (€14 billion), and services (€12 billion), partially offset by a €14 billion deficit in secondary income. Over the past 12 months, the current account surplus surged to €370 billion, or 2.5 per cent of euro area GDP, a significant increase from €30 billion (0.2 per cent of GDP) a year earlier. The rise was primarily due to a larger surplus in goods, increasing from €39 billion to €359 billion, alongside improved surpluses in primary income and services. In direct investment, euro area residents reduced net disinvestments to €136 billion, while non-residents disinvested €268 billion from euro area assets. In portfolio investment, net purchases of non-euro area equity and debt securities by euro area residents rose significantly, and non-residents increased their net purchases of euro area equity and debt securities. The monetary balance of payments showed a €547 billion increase in net external assets for euro area monetary financial institutions (MFIs) over the year. Additionally, the Eurosystem's reserve assets rose to €1,267.5 billion in June 2024, driven by price and exchange rate changes. Attribution: European Central Bank (ECB) data Subediting: Y.Yasser
