The euro zone's current account swung to a deficit of €1.3 billion in February from a surplus of €3.7 billion in January.

This is according to the latest European Central Bank data today.

The current account on the balance of payments includes imports and exports in both goods and services plus all other current transfers.

It is a closely tracked indicator of the ability of a country or area to pay its way in the world. It is crucial for the long-term confidence of investors and trading partners.

Over the 12 months to February, the current account showed a surplus of £2.1 billion, compared with a deficit of £18.1 billion the same time a year ago, the data showed.