Eurozone Current Account Surplus Shrank in January

European Central Bank data showed that the eurozone current account surplus narrowed in January due to a larger secondary income deficit, which includes outflows such as remittances and taxes.

The 19-nation bloc recorded a current account surplus of 30.5 billion euros in January, down from 36.7 billion euros in December but up from the 15.9 billion euros in the previous year, according to revised figures.

According to unadjusted data, the surplus narrowed to 5.8 billion euros from 51.9 billion euros, reflecting similar fluctuations recorded in the first month of previous years.

In the twelve months ending in January, the current account surplus reached 2.3% of the bloc’s GDP, up from 2.2% in the previous 12-month period.