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Euro zone current account surplus widens to EUR23.5 billion

Published 01/23/2014, 04:06 AM
Euro zone current account surplus hits 7-month high of EUR23.5 billion
EUR/USD
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Investing.com - The euro zone’s current account surplus widened unexpectedly in November to hit the highest level in seven months, official data showed on Thursday.

In a report, the European Central Bank said that the euro zone current account recorded a seasonally adjusted surplus of EUR23.5 billion in November, widening from a surplus of EUR22.2 billion in October, whose figure was revised up from a previously reported surplus of EUR21.8 billion.

Economists had expected the region’s current account surplus to narrow to EUR19.2 billion in November.

The seasonally adjusted 12-month cumulated current account for the period ending in November 2013 recorded a surplus of EUR215.8 billion, 2.3% of euro area GDP, compared with a surplus of EUR118.0 billion, 1.2% of euro area GDP, for the previous 12-month period.

Following the release of the data, the euro held to gains against the U.S. dollar, with EUR/USD rising 0.63% to trade at 1.3633.

Meanwhile, European stock markets were mildly higher. The EURO STOXX 50 rose 0.2%, France’s CAC 40 inched up 0.3%, London’s FTSE 100 tacked on 0.15%, while Germany's DAX advanced 0.1%.

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