The current account surplus of the euro zone narrowed to €21 billion in July from €24 billion in the previous month as the trade surplus also slipped, the European Central Bank said today. 

In the 12 months to July 2018, the surplus increased to 3.5% of the bloc's gross domestic product from 3.3% in the preceding 12-month period, primarily on a surge in the surplus on services.

The surplus, often criticised by the US administration as excessive, is expected to narrow to 2.8% of GDP next year, according to the ECB's projections.