Data from the European Central Bank showed that in January, the eurozone's current account surplus (seasonally adjusted) increased to 17.0 billion euros from 13 billion euros in December (revised from 15.90 billion euros). It was the largest surplus since April 2022. Economists had expected the surplus to rise to 16.5 billion euros. Surpluses were recorded for services (14 billion euros), goods (11 billion euros) and primary income (1 billion euros). These were partly offset by a deficit for secondary income (9 billion euros).
In the 12 months to January 2023, the current account deficit amounted to 98 billion euros (0.7% of eurozone GDP) compared with a surplus of 252 billion euros (2% of GDP) in the 12 months to January 2022. This change was largely driven by a switch from a surplus (246 billion euros) to a deficit (68 billion euros) for goods, and, to a lesser extent, by a reduction in the surplus for primary income (down from 59 billion euros to 7 billion euros) and a slightly larger deficit for secondary income (up from 158 billion euros to 161 billion euros). These developments were partly offset by a larger surplus for services (up from 104 billion euros to 123 billion euros).
In financial account, in 12 months to January 2023, euro area residents’ net sales of non-euro area portfolio investment securities totalled 238 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 80 billion euros.