|Published : 19 Sep 2016, 14:20:39 | Updated : 19 Sep 2016, 14:57:40|
Eurozone investments surge in July
Investments in the eurozone surged in July but the bloc's current account surplus narrowed, primarily on a lower trade surplus, the European Central Bank said on Monday.
The 19-member currency bloc's adjusted current account surplus shrank to 21.0 billion euros ($23.4 billion) in July from 29.5 billion euros a month earlier while unadjusted direct and portfolio investments jumped to 72.1 billion euros from 6.0 billion in June.
Net portfolio investments, surging to 52.8 billion euros from 11.6 billion euros, accounted for the bulk of the increase but direct investments also contributed significantly, rising to a net inflow of 19.3 billion euros from an outflow of 5.6 billion euros in June.
For the latest 12 months, the current account surplus widened to 3.2 per cent of the bloc's GDP from 3.0 per cent a year earlier; according to Reuters.