EU current account surplus significantly down in Q1

ANKARA

Current account surplus of the EU decreased markedly in the first quarter of this year, according to the bloc's statistical office on Tuesday.

The 27-member bloc's current account balance posted a surplus of €16.6 billion (around $17.1 billion) or 0.4% of its gross domestic product (GDP) in January-March, Eurostat said in a statement.

The figure was down from a surplus of €52.2 billion (1.4% of GDP) in the fourth quarter of 2021 and down from a surplus of €126.4 billion (3.6% of GDP) in the first quarter of last year.

The goods account turned to a deficit of €15.4 billion from a surplus of €9.9 billion in the previous quarter while the surplus of the services accounts decreased to €46.6 billion compared to €54.2 billion.

The EU registered external current account surpluses with the UK (€40 billion), the US (€27.1 billion), and Switzerland (€22.2 billion), while deficits were posted with China (€54.5 billion), Russia (€34 billion), Japan (€1.2 billion) and India (€1.2 billion).

ANKARA

Current account surplus of the EU decreased markedly in the first quarter of this year, according to the bloc's statistical office on Tuesday.

The 27-member bloc's current account balance posted a surplus of €16.6 billion (around $17.1 billion) or 0.4% of its gross domestic product (GDP) in January-March, Eurostat said in a statement.

The figure was down from a surplus of €52.2 billion (1.4% of GDP) in the fourth quarter of 2021 and down from a surplus of €126.4 billion (3.6% of GDP) in the first quarter of last year.