Brussels, 30/04/2003 (Agence Europe) - The current accounts of the twelve eurozone Member States recorded a surplus in February of EUR 3.2 billion, announced the European Central Bank on Tuesday. The balance of current accounts in the eurozone is therefore back in the black after having briefly gone into the red in January (a deficit of EUR 6.4 billion)/ Last year, the eurozone recorded a surplus on its current accounts of EUR 62 billion, following a deficit of EUR 13.8 billion in 2001.
February's surplus is largely due to the export of goods, which recorded a surplus of EUR 9.5 billion, slightly down on the EUR 10.1 billion surplus recorded in February 2002.
The improvement in the figures is also down to a reduction in the deficits in trade in services (-0.3 billion as against -1.4 billion in February 2002) and current transfers (-2.8 billion as against -3.9 billion in February 2002). Revenue, however, recorded a higher deficit (-3.2 billion as opposed to -0.2 billion in February 2002).
The eurozone recorded a net capital inflow in February, in direct investment and portfolios, of EUR 11.4 billion, as opposed to a new outflow of EUR 17.7 billion.
This inflow of capital mainly came from portfolio investment, which recorded a net inflow of EUR 10.7 billion as opposed to a net outflow of EUR 8.6 billion a year earlier.
Investment in the eurozone focused on debt instruments (net inflow of EUR 6.6 billion in February).
The balance of current transactions is one of the three main components of the balance of payments figure that tracks all business and finance operations of a country or group of countries.