The current account surplus in the Euro Area narrowed to EUR 35.1 billion in March 2019 from EUR 43.9 billion in the corresponding month of the previous year and compared with market expectations of a EUR 34.5 billion surplus. The goods surplus declined to EUR 30.5 billion from EUR 34.2 billion a year earlier and the services surplus fell to EUR 7.0 billion from EUR 8.3 billion. Also, the primary income surplus dropped to EUR 10.4 billion from EUR 16.0 billion last year, while the secondary income deficit shrank to EUR 12.7 billion from EUR 14.6 billion. Considering the first quarter as a whole, the current account surplus narrowed to EUR 62.8 billion from EUR 74.6 billion in the same period of 2018. Current Account in the Euro Area averaged 7.50 EUR Billion from 1999 until 2019, reaching an all time high of 53.09 EUR Billion in December of 2015 and a record low of -28.62 EUR Billion in January of 2008.
Current Account in Euro Area is expected to be 29.60 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 30.10 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.