European Central Bank's Helix Towers (Stephan Rückert)European Central Bank's Helix Towers (Stephan Rückert)
  • The euro area recorded a notable increase in its current account surplus, reaching €32 billion in December 2023, up from €22 billion in the preceding month.
  • The year 2023 witnessed a major shift in economic performance with the current account surplus totaling €260 billion, marking 1.8% of the euro area’s GDP.

Frankfurt, Germany –– The euro area’s current account surplus for 2023 stands out as a significant achievement, as detailed by the European Central Bank Tuesday. The year concluded with a December surplus of €32 billion, contributing to an impressive annual total of €260 billion, a stark contrast to the €82 billion deficit recorded in 2022.

This upswing reflects a resilient euro area economy, which has successfully navigated through various global economic challenges. The financial account also mirrored this positive trend, with substantial investments both from within and outside the euro area.

Euro area residents’ net acquisitions of non-euro area portfolio investment securities totaled €376 billion in 2023. Non-residents also showed robust activity, with net acquisitions of euro area portfolio investment securities reaching €422 billion.

Euro area residents demonstrated a strong appetite for foreign investment, as evidenced by their substantial acquisitions of non-euro area securities. Conversely, non-residents’ confidence in the euro area market was evident from their significant investments in euro area securities.

By Silvia Orfeo

Silvia Orfeo is a Sr. Politics and Economics Reporter at Nobot.News

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