The euro area current account surplus declined notably in May, the European Central Bank reported Friday.
The current account surplus fell to a seasonally adjusted EUR 22.44 billion from EUR 29.55 billion in April. This was the lowest since March 2015, when it totaled EUR 19.46 billion.
The surplus on trade in goods and services decreased to EUR 21 billion and EUR 8 billion, respectively. Primary income plunged to EUR 3 billion from EUR 9 billion. Meanwhile, the negative balance on secondary income narrowed to EUR 10 billion from EUR 11 billion.
In the 12-month period to May, the current account registered a surplus of EUR 406 billion or 3.6 percent of euro area GDP, compared with one of EUR 360 billion or 3.2 percent of GDP in the 12-month period to May 2017.