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November 19, 2020EURO AREA CURRENT ACCOUNT, SEPTEMBER 2020
CURRENT ACCOUNT
Month over month (Sep 2020 vs Aug 2020)
The European Central Bank reported today (working day and seasonally adjusted) that the Euro Area (EA19) Current account surplus widened by €4.3 billion to €25.2 billion .
- Net Goods surplus widened by €1.6 billion to €32.7 billion
- Goods exports increased €7.3 billion to €190.4 billion and
- Goods Imports increased €5.6 billion to €157.7 billion
- Net Services surplus widened by €3.0 billion to €6.6 billion
- Net Primary Income deficit narrowed by €1.0 billion to €2.2 billion
- Secondary Income deficit widened by €1.2 billion to €11.9 billion
INTERNATIONAL TRADE
Month over month (Sep 2020 vs Aug 2020)
- Export Goods & services trade increased €11.5 billion to €258.8 billion
- Import goods & services trade increased €6.9 billion to €219.5 billion
- As a result, Net trade surplus widened by €4.6 billion to €39.3 billion
Year over year (Sep 2020 vs Sep 2019)
- Goods exports decreased €11.9 billion
- Goods Imports decreased €17.3 billion
- Export Goods & services trade decreased €27.7 billion
- Import goods & services trade decreased €25.4 billion
EURO AREA BOP TO GDP RATIO
The ratio of the current account balance to the Gross Domestic Product (or % of GDP) provides an indication of the country's trade and income flows relative to the size of the economy. The ratio 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. A current account surplus indicates upward pressure on the foreign exchange rate unless it is offset by net outflows (leading, acquisition of assets) outside the country.
Quarterly (seasonally adjusted, 2020Q2 vs 2020Q1, 2020Q2 vs 2029Q2)
In 2020Q2, the OECD reports that the Euro Area seasonally adjusted current account to GDP ratio, increased to 2.12 over the previous quarter (1.44) and the indicator declined over the same quarter last year (2.78).
Sources:
European Central Bank. Press Release | Database | Selected Current Account Data | Current Account Share of GDP
OECD. Current account balance as a % of GDP
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