The euro zone usually shows a surplus in its current account. But now there is a deficit.
In March, the eurozone’s current account showed a deficit for the first time in a good ten years.
In the balance sheet, which reflects the economic exchange with countries outside the currency area, a deficit of around two billion euros was posted, as the European Central Bank (ECB) announced in Frankfurt. It is the first deficit since February 2012.
The current account shows trade in goods and services as well as income transfers. The euro zone usually shows a surplus in its current account. In times of crisis, however, there can be greater fluctuations, especially in the trade balance.
The balance sheet was burdened in March by a deficit in trade in goods. This was 4 billion euros here, after a surplus of around 5 billion euros had been achieved in the previous month. The background is supply chain bottlenecks due to the Ukraine war, which are affecting production and thus exports. In addition, weakened economic growth in China is depressing demand for export goods.
The strongest plus in the current account was in services with a surplus of around 14 billion euros.