Italy’s Current Account Surplus Remains Broadly Unchanged

Italy’s current account surplus remained virtually unchanged in July compared to a year ago, data from the Bank of Italy showed Tuesday.

The current account surplus came in at EUR 8.63 billion in July, down fractionally from EUR 8.64 billion in the corresponding month last year.

The surplus on trade in goods rose to EUR 8.47 billion in July from EUR 8.31 billion in the same month of 2016. Similarly, services surplus increased slightly from EUR 1.03 billion to EUR 1.17 billion.

At the same time, the primary income surplus shrank to EUR 426 million from EUR 747 million. The negative balance in secondary income dropped to EUR 1.44 billion from EUR 1.45 billion.

The capital account deficit for July was EUR 170 million versus EUR 171 million shortfall last year. In contrast, the financial account surplus grew notably from EUR 4.47 billion to EUR 8.91 billion.

In the twelve months ending in July, the current account surplus amounted to EUR 46.2 billion, equivalent to 2.7 percent of GDP, compared to 37.5 billion in the twelve months ending in July 2016.
Source: RTT News