The euro zone's current-account surplus widened in August, after narrowing in July, data from the European Central Bank showed Thursday.
The current-account balance, a broad measure of an economy's international financial position, increased to a surplus of 17.4 billion euros ($23.5 billion) in August, following a downwardly revised EUR15.5 billion surplus in July.
The monetary bloc's surplus in trade of goods rose to EUR14.7 billion in August from EUR11.1 billion in July, suggesting the euro zone continues to export more than it imports.
Weaker euro-zone countries have turned to export markets for growth, as austerity measures have put pressure on imports.
The surplus comes after data from Eurostat, the European Union's statistics agency, on Wednesday showed a growing trade surplus in the euro zone this year, aided by rising exports and falling imports in southern Europe.
Spain's trade deficit between January and July shrank to EUR6.9 billion versus a shortfall of EUR21 billion in the corresponding period of 2012. Italy registered a surplus of EUR18.3 billion, compared with EUR4.1 billion a year earlier.
The better trade positions of southern nations indicate in part that they are becoming more competitive, as the costs businesses face for goods and labor fall relative to better-performing economies such as Germany.
In August, the surplus for services narrowed to EUR7.7 billion, while the surplus for income increased to EUR4.8 billion. The deficit in current transfers widened to EUR9.7 billion. The data are adjusted for seasonal effects and consider the number of working days each month.
nasdaq.com
The current-account balance, a broad measure of an economy's international financial position, increased to a surplus of 17.4 billion euros ($23.5 billion) in August, following a downwardly revised EUR15.5 billion surplus in July.
The monetary bloc's surplus in trade of goods rose to EUR14.7 billion in August from EUR11.1 billion in July, suggesting the euro zone continues to export more than it imports.
Weaker euro-zone countries have turned to export markets for growth, as austerity measures have put pressure on imports.
The surplus comes after data from Eurostat, the European Union's statistics agency, on Wednesday showed a growing trade surplus in the euro zone this year, aided by rising exports and falling imports in southern Europe.
Spain's trade deficit between January and July shrank to EUR6.9 billion versus a shortfall of EUR21 billion in the corresponding period of 2012. Italy registered a surplus of EUR18.3 billion, compared with EUR4.1 billion a year earlier.
The better trade positions of southern nations indicate in part that they are becoming more competitive, as the costs businesses face for goods and labor fall relative to better-performing economies such as Germany.
In August, the surplus for services narrowed to EUR7.7 billion, while the surplus for income increased to EUR4.8 billion. The deficit in current transfers widened to EUR9.7 billion. The data are adjusted for seasonal effects and consider the number of working days each month.
nasdaq.com
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