Euro zone current account surplus widens in February

FRANKFURT (Reuters) – The euro zone’s current account surplus widened in February as imports fell thanks lower energy costs and already large net exports of services remained broadly steady, data from the European Central Bank showed on Wednesday.

The 20-nation bloc’s adjusted current account surplus increased to 24.32 billion euros in February from 18.63 billion a month earlier. Based on unadjusted data, it was 21.27 billion euros after a 705 million deficit in January.

In the 12 months to February, the current account recorded a deficit equal to 0.9% of GDP as Russia’s war in Ukraine pushed up energy costs and the bloc’s import bill. The euro zone had posted a 1.8% surplus a year earlier.

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