The Euro Area current account surplus narrowed to EUR 29.8 billion in July 2019 from EUR 30.2 billion in the corresponding month of the previous year, as the services surplus declined sharply to EUR 4.6 billion from EUR 12.0 billion and the primary income surplus decreased to EUR 4.9 billion from 6.0 billion. On the other hand, the goods surplus increased to EUR 32.7 billion from EUR 24.8 billion a year earlier and the secondary income shortfall fell to EUR 12.3 billion from EUR 12.6 billion. Current Account in the Euro Area averaged 7.59 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.