The current account surplus for the eurozone rose in May

Data from the European Central Bank showed on Thursday that the eurozone’s current account surplus rose in May as the goods and services trade surplus widened.

On the basis of adjusted data, the euro area, which includes 20 countries, recorded a surplus of 9.1 billion euros, compared to 3.8 a month ago, while unadjusted data showed a deficit of 11.3 billion euros, after a surplus of 4.3 billion euros.

In the 12 months ending in May, the bloc’s current account deficit was 0.4 percent of GDP after a 1.3 percent surplus from the previous 12 months.

The eurozone ran a large surplus for several years until the Russian war in Ukraine caused energy import prices to rise.

However, the huge deficit recorded last year as a result of higher energy prices has now been reduced considerably as the eurozone has been in surplus every month since November.