The euro zone seasonally-adjusted current account deficit rose to 8.6 bln eur in May from 1.6 bln eur in April, the European Central Bank said. The April deficit was revised down from a provisional estimate of 4.0 bln eur. The ECB said the May deficit was mainly a result of shortfalls in the income account and current transfers. There was a deficit in the income account of 9.6 bln eur and a deficit on current transfers of 4.6 bln. The income account covers investment income flows and wages paid to workers by employers based in a different economy. Current transfers cover transfers between governments and workers' remittances. These deficits were partly offset by surpluses of 3.5 bln eur in goods trade and 2.2 bln in services. In unadjusted terms the current account was 14.6 bln eur in deficit in May after a deficit of 4.3 bln eur in April. Over the 12 months to May the current account was close to balance, posting a deficit of just 0.2 bln eur. Meanwhile, in the financial account, the net inflow in direct and portfolio investment declined to 4.0 bln eur in May from 8.9 bln eur in April Direct investment outflows declined to 11.3 bln eur from 24.5 bln. And portfolio investment inflows fell to 7.3 bln eur from 15.6 bln. There was an inflow in equity investments of 10.3 bln eur by non-residents, compared with an outflow of 10.8 bln the month before. This turnaround was mainly the result of purchases of euro zone securities by non-residents. But debt instrument investments moved in the opposite direction, with an outflow of 3.0 bln eur in May following an inflow of 26.4 bln in April.