• Linkdin
Alchempro Webinar
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

Euro area's YoY current account deficit at €114 bn in Feb '23: ECB

21 Apr '23
2 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • Euro area's current account balance recorded a deficit of €114 billion in the 12 months to February 2023.
  • The shift was driven by a switch from goods and primary income surpluses to deficits.
  • The current account balance recorded a surplus of €24 billion in February 2023.
  • Euro area residents made net disinvestments in non-euro area assets.
Euro area's current account balance recorded a deficit of €114 billion in the 12 months to February 2023, marking a significant shift from a surplus of €222 billion in the previous year, according to recent data by the European Central Bank (ECB).

The shift in current account balance was mainly driven by a switch from a goods surplus of €214 billion to a deficit of €51 billion, a primary income surplus of €57 billion to a deficit of €20 billion, and a slightly larger secondary income deficit of €161 billion from €158 billion.

However, in February 2023, the euro area's current account balance recorded a surplus of €24 billion, up by €5 billion from the previous month. This was primarily driven by a goods surplus of €28 billion, which was partly offset by deficits for secondary income of €12 billion and primary income of €5 billion, as per ECB.

In the 12 months to February 2023, euro area residents made net disinvestments of €209 billion in non-euro area assets, following net investments of €132 billion in the previous year. Meanwhile, non-residents disinvested €344 billion in net terms from euro area assets, following net disinvestments of €86 billion in the previous year.

In other investment categories, euro area residents recorded net disposals of non-euro area assets amounting to €29 billion in the 12 months to February 2023, compared to net acquisitions of €380 billion in the previous year. However, they recorded net disposals of liabilities amounting to €194 billion, following net acquisitions of €808 billion in the previous year.

The monetary presentation of the balance of payments revealed that the net external assets of euro area monetary financial institutions decreased by €91 billion in the 12 months to February 2023. Moreover, in February 2023, the Eurosystem's reserve assets decreased to €1,096.1 billion, down from €1,125.4 billion in the previous month.

Fibre2Fashion News Desk (DP)

Leave your Comments

Esteemed Clients

TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Taiwan Textile Federation (TTF)
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Stahl Holdings B.V.,
X
Advanced Search