The 12-month cumulated current account for the period ending in December 2014 recorded a surplus of €240.2 billion (2.4% of euro area GDP), compared with that of €214.2 billion (2.2% of euro area GDP) for the 12 months to December 2013. The increase in the current account surplus was due mainly to increases in the surpluses for goods (from €217.9 billion to €241.8 billion) and services (from €70.5 billion to €78.7 billion), whereas the deficit for secondary income remained broadly unchanged (€142.9 billion, after €143.7); these effects were partly offset by a decrease in the surplus for primary income (from €69.4 billion to €62.6 billion).
Data did not have major impact on the market but it is interesting to notice that this was the first time in five months that surplus was below 20 billion euros, indicating narrowing of exports in January. Euro remained stable around 1.14 handle after figures were released still supported by dovish FOMC Meeting Minutes.
Last modified on Thursday, 19 February 2015
