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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

August 19, 2019
EURO AREA CURRENT ACCOUNT, JUNE 2019

MONTHLY

The European Central Bank reported today that the Euro Area (EA19) current account (working day and seasonally adjusted) recorded a surplus of €18.4 billion in June 2019 Euro Area Current Account. Surpluses of €25.2 billion in net goods trade, €2.9 billion in net services trade and €4.2 billion in net primary income were partially offset by a deficit of €14.0 billion in net secondary income accounts.

In June 2019, Euro Area exports of goods and services increased €0.6 billion to €277.3 billion and Imports of goods and services increased €5.1 billion to €249.2 billion. The net trade surplus declined -€4.5 billion to €28.1 billion. Surpluses of €25.2 billion in net goods trade, €2.9 billion in net services trade and   €4.2 billion in net primary income, were partially offset by a deficit of €14.0 billion in net secondary income accounts.

 

QUARTERLY

The ratio of the current account balance to the Gross Domestic Product (or % of GDP) provides an indication of the country's level of international competitiveness.

It is calculated by dividing the net values of exports less imports, primary Income (interest and dividends) and secondary income (transfers) over a period by the gross domestic product for the same period. Although called a ratio, it is usually expressed as a percentage.

In the first quarter of 2019, the Euro Area current account to GDP declined 1.37 points over the previous quarter to 2.2 percent. The ratio declined 0.35 points over last year. Since 2012Q2, the international competitiveness of the Euro Area has improved.

  

Sources: European Central Bank:  Press Release | Database | Selected BOP Data   |    Competitiveness indicator

 

 



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