BRUSSELS (dpa-AFX) - The euro area current account surplus declined in July largely due to the fall in the visible trade surplus, data released by the European Central Bank showed on Tuesday.
The current account surplus declined to EUR 21 billion in July from EUR 36 billion in the previous month. In the same period last year, the account posted a EUR 22 billion deficit.
The surplus on goods trade declined to EUR 23 billion from EUR 39 billion in the prior month. By contrast, the surplus on services rose to EUR 11 billion from EUR 8 billion.
Primary income fell to EUR 1 billion from EUR 4 billion in the previous month. At the same time, the shortfall on secondary income decreased to EUR 14 billion from EUR 15 billion.
In the twelve months to July, the current account surplus totaled EUR 34 billion, or 0.2 percent of the euro area GDP. The surplus declined from EUR 66 billion in the same period last year.
In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 207 billion and non-residents' net acquisitions of euro area portfolio investment securities was EUR 419 billion in the twelve months ended July.
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