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

July 20, 2020
EURO AREA CURRENT ACCOUNT, MAY 2020

Month over month

The European Central Bank reported today (working day and seasonally adjusted) that in May 2020 the Euro Area (EA19)  Current account surplus  narrowed by  €6.3 billion to €8.0 billion.

The Net Goods surplus widened by €3.7 billion to €17.0 billion over April 2020

  • Goods exports decreased €4.1 billion to €49.3 billion 
  • Goods Imports decreased €4.8 billion to €53.5 billion 
  • Net Services surplus narrowed by €0.7 billion to €4.2 billion
  • Primary Income surplus narrowed by €3.1 billion to €4.8 billion.

 The surplus was partially offset as the Secondary Income deficit widened by €6.3 billion to €18.1 billion.

 

In May 2020, Export Goods & services trade increased €11.7 billion to €219.8 billion over April 2020. Import goods & services trade increased €8.7 billion to €198.6 billion over April 2020. As a result, Net trade surplus widened by €3.1 billion to €21.2 billion.

 

Year over year

"In the 12-month period to May 2020, the current account recorded a surplus of €264 billion (2.2% of euro area GDP), compared with a surplus of €318 billion (2.7% of euro area GDP) in the 12 months to May 2019."  European Central Bank

 

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



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