By CountingPips.com
The Eurozone’s current account deficit widened sharply in September, according to the latest report from the European Central Bank. The current account data registered a deficit of 13.1 billion euros in September following a deficit of 6.9 billion euros in August. The widening of the deficit occurred because of rising deficits in current transfers and income and despite higher surpluses in goods and services.
The deficit in current transfers rose to 11.3 billion euros in September while the income deficit increased to 5.5 billion euros. August’s data had recorded deficits of 8.5 billion euros in current transfers and 1.3 billion euros in income.
The Eurozone had rising surpluses in goods by 1.8 billion euros and services by 1.8 billion euros in September following surpluses in goods by 0.9 billion euros and in services by 1.5 billion euros in August.
On an annual basis, the Eurozone current account deficit was 46.3 billion euros (0.5% of GDP) from September 2009 to September 2010 following a 91.0 billion euros deficit the previous year.
