FRANKFURT (AFX) - The euro zone current account surplus was 2.9 bln eur in December 2001 compared with a deficit of 8.2 bln a year earlier, the European Central Bank said. The ECB said the move into surplus was mainly due to a increase in the goods surplus from 1.4 bln eur to 10.4 bln eur, combined with a decrease in the deficits for both services, from 2.7 bln eur to 1.1 bln eur, and current transfers, from 5.8 bln eur 5.1 bln eur. Meanwhile, the deficit for income widened marginally from 1.1 bln eur to 1.3 bln eur, the ECB said. The seasonally adjusted values of both exports and imports of services in increased in December, thereby partly reversing the declines which began in September, the ECB said. This may reflect a partial recovery in international travel following the decline associated with the terrorist attacks of September 11, the ECB said. Financial account developments in December were characterised by net outflows of 11.1 bln eur in combined direct and portfolio investment, the ECB said. This was due to net outflows of 11.7 bln eur in portfolio investment, as direct investment was close to balance net inflows of 0.6 bln eur, the ECB said. The balanced position in direct investment resulted from net inflows in equity capital and reinvested earnings of 5.9 bln eur, counterbalancing net outflows in other capital, mostly inter-company loans of 5.2 bln eur, the ECB said. Within portfolio investment, equity portfolio investment continued the pattern already seen since May 2001 by registering net inflows of 9.1 bln eur, the ECB said. Debt instruments, by contrast, registered net outflows of 20.8 bln eur, which in turn reflected net outflows of 29.2 bln eur billion in bonds and notes, and net inflows of 8.4 bln eur in money market instruments, the ECB said. Euro area residents invested a net amount of 11.6 bln eur in foreign bonds and notes, while non-residents were net sellers of euro area bonds and notes, amounting to 17.6 bln eur, the ECB said. In the money market, euro area residents were net sellers of 10.2 bln eur and non-residents 1.9 bln of money market instruments, the ECB said. Financial derivatives registered a net outflow of 0.5 bln eur in December, while the other investment account recorded a net inflow of 9.4 bln eur. Reserve assets decreased by 5.9 bln eur, excluding valuation effects. Errors and omissions showed a negative value of 7.7 bln eur, the ECB said.