The Eurozone current account surplus widened to EUR 13.3 billion in May 2019 from EUR 9.3 billion in the corresponding month of the previous year. The goods surplus increased to EUR 28.9 billion from EUR 22.6 billion a year earlier; the primary income deficit narrowed to EUR 15.2 billion from EUR 16.8 billion and the secondary income gap declined to EUR 6.2 billion from EUR 6.5 billion. On the other hand, the services surplus fell to EUR 5.9 billion from EUR 10.1 billion a year ago. In January-May, the current account surplus decreased to EUR 97.6 billion from EUR 113.1 billion in the same period of 2018. Current Account in the Euro Area averaged 7.43 EUR Billion from 1999 until 2019, reaching an all time high of 47.72 EUR Billion in September of 2017 and a record low of -28.62 EUR Billion in January of 2008.
Current Account in Euro Area is expected to be 21.50 EUR Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Euro Area to stand at 27.50 in 12 months time. In the long-term, the Euro Area Current Account is projected to trend around 28.90 EUR Billion in 2020, according to our econometric models.