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Eurozone monthly current account surplus narrows in October

The eurozone current account surplus in October narrowed to €30.8 billion from a revised €39.2 billion in September, the European Central Bank said.

The monthly figure reflected a goods surplus of €26.2 billion, a services surplus of €7.3 billion and a primary income surplus of €9.8 billion which were partly offset by a deficit for secondary income of €12.5 billion.

The cumulative current account surplus for the 12 months to October declined to €349.6 billion, or 3.2% of euro area GDP, from €363.4 billion, or 3.4% of euro area GDP, in the year-ago period. The decline in annual cumulative surplus was due to a decrease in the surplus for goods to €340.4 billion from €373.7 billion and an increase in the deficit for secondary income to €150.6 billion from €137.9 billion. These results were partly tempered by an increase in the services surplus to €66.2 billion from €48.4 billion and a rise in primary income surplus to €93.6 billion from €79.1 billion.