24 April 2008, 13:59  Euro-Zone: Feb, Current Account EUR4.3

The euro zone's seasonally adjusted current account posted a higher-than-expected surplus in February as a deficit in current transfers was offset by surpluses of goods and services, data from the European Central Bank showed Thursday. The adjusted current account surplus for the 15 countries that share the euro was EUR4.3 billion in February, compared with the EUR7.9 billion deficit recorded in January. That result was above market expectations of a surplus of EUR1.8 billion. The data showed that a EUR5.1 billion surplus in services and a EUR3.1 billion surplus in goods offset a EUR4.3 billion deficit in current transfers. The income account was close to balance, recording a surplus of EUR0.5 billion after a deficit of EUR4.1 billion in January. "The current account surplus plus the strength of the euro, ensures that euro-zone firms are in good shape to fund their imports," said Kim Forkes, an economist at Moody's Economy.com. "Going forward, we expect the current account to remain near a surplus, though the rise of the euro puts goods trade in jeopardy, particularly as global demand slows. Current account transfers and income flows are likely to head in net out of the euro zone, again encouraged by the rise of the euro," Forkes said.

© 1999-2024 Forex EuroClub
All rights reserved