Italy's current account surplus narrowed to €3.41 billion in March from €4.50 billion a year earlier as the country's goods surplus shrank and its services deficit increased from a year ago, data from the Bank of Italy showed.

The goods surplus declined to €5.80 billion from €6.40 billion and services deficit increased to €1.59 billion from €1.03 billion. The primary income surplus rose to €1.25 billion from €1.17 billion, while secondary income deficit increased to €2.05 billion from €2.04 billion in the same month last year.

The country's current account surplus decreased slightly to €45.59 billion, or 2.7% of GDP, in the year that ended March 2018 from €46.56 billion in the previous year because of a lower goods surplus and higher service deficit that were partially offset by improvement in primary income and secondary income balances, the bank said.