The euro zone payments current account deficit narrowed to €1.7 billion in July from a revised figure of €6.1 billion in June, the European Central Bank said today.
The current account is the euro zone's widest measure of euro zone trade and financial transactions with countries outside the 15-nation area, but ECB estimates are subject to marked revisions, making comparisons difficult.
In July, the euro zone posted deficits of €6.8 billion in current transfers, and €1.6 billion in goods. They were only partly offset by surpluses of €4.4 billion in services and €2.3 billion in income, an ECB statement said.
In the financial account, 'combined direct and portfolio investment recorded new outflows of €19 billion,' it added. That was the result of net outflows in both direct investment and portfolio investment, the bank said.
