19th Aug 2015 09:25
ROME (Alliance News) - Italy's current account surplus increased significantly in June from the previous year, figures from the Bank of Italy showed Wednesday.
The current account surplus rose sharply to EUR 3.53 billion in June from EUR 2.60 billion in the corresponding month last year. In May, the surplus was EUR 2.67 billion.
The goods trade surplus increased to EUR 4.85 billion in June from EUR 3.85 billion a year earlier, while services trade surplus fell to EUR 651 million from EUR 906 million.
The capital account surplus declined to EUR 156 million from EUR 298 million in the same month of the prior year. Meanwhile, the financial account balance turned to a deficit of EUR 3.18 billion from a surplus of EUR 1.8 billion.
During the twelve months ended June, the current account recorded a surplus of EUR 37.18 billion, up from EUR 21.51 billion surplus in the previous twelve months.
The bank said that the large improvement confirms a trend started in mid-2011, driven by the increase in the merchandise trade surplus, which reached EUR 54.4 billion or 3.4% of GDP.
Copyright RTT News/dpa-AFX