The current account surplus in the Euro Area narrowed to EUR 15.5 billion in February 2019 from EUR 22.1 billion in the corresponding month of the previous year and compared with market expectations of a EUR 17.2 billion surplus. The services surplus fell to EUR 3.9 billion from EUR 6.4 billion a year earlier and the secondary income gap widened to EUR 22.4 billion from 16.4 billion. Meanwhile, the goods surplus increased to EUR 24.3 billion from EUR 22.4 billion in February 2018 and the primary income surplus went up to EUR 9.7 billion from EUR 9.4 billion. Current Account in the Euro Area averaged 7.38 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.