World Economy

Eurozone C/A Surplus Narrows

Eurozone C/A Surplus NarrowsEurozone C/A Surplus Narrows

The eurozone’s current account surplus narrowed in May, data from the European Central Bank showed Monday, Dow Jones reported. The current account balance, a broad measure of an economy’s international financial position, showed a surplus of €18 billion ($19.5 billion) in May, compared with €24 billion in April. Cumulated figures for the twelve months to May, showed the surplus at 2.5% of gross domestic product, compared with 1.8% a year earlier. There’s a bit more uncertainty in the air.’s revised estimate for second-quarter GDP dipped below 0.5% for the first time since early May. Meanwhile, European Central Bank President Mario Draghi remains optimistic, which is no surprise. But in last week’s press conference he also noted that there are still headwinds lurking. “The ongoing slowdown in emerging market economies continues to weigh on the global outlook and economic growth in the euro area is likely to continue to be dampened by the necessary balance sheet adjustments,” he advised.