Investing.com - The euro zone’s current account surplus widened more-than-expected in March, after swinging to a deficit in February, official data showed on Wednesday.
In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted surplus of EUR9.1 billion in March, from a deficit of EUR1.2 billion in February, whose figure was revised from a deficit of EUR1.3 billion.
Economists had expected the region’s current account surplus to widen to EUR6.0 billion in March.
The report said that the 12-month cumulated seasonally adjusted current account recorded a surplus of EUR9.6 billion in February, around 0.1% of euro area gross domestic product, compared with a deficit of EUR16.7 billion a year earlier.
This shift resulted from increases in the surpluses for goods, services and income, and from a decrease in the deficit for current transfers.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.33% to trade at 1.2642.
Meanwhile, European stock markets were sharply lower after the open. The EURO STOXX 50 fell 1.5%, France’s CAC 40 dropped 1.35%, Germany's DAX declined 1.35%, while London’s FTSE 100 sank 1.4%.
In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted surplus of EUR9.1 billion in March, from a deficit of EUR1.2 billion in February, whose figure was revised from a deficit of EUR1.3 billion.
Economists had expected the region’s current account surplus to widen to EUR6.0 billion in March.
The report said that the 12-month cumulated seasonally adjusted current account recorded a surplus of EUR9.6 billion in February, around 0.1% of euro area gross domestic product, compared with a deficit of EUR16.7 billion a year earlier.
This shift resulted from increases in the surpluses for goods, services and income, and from a decrease in the deficit for current transfers.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.33% to trade at 1.2642.
Meanwhile, European stock markets were sharply lower after the open. The EURO STOXX 50 fell 1.5%, France’s CAC 40 dropped 1.35%, Germany's DAX declined 1.35%, while London’s FTSE 100 sank 1.4%.