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Eurozone Current Account Surplus Increases

James Boston
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Eurozone Current Account Surplus Increases

As Finance Ministers from the 27 European Union members gather for their regular EcoFin get together this morning there is a light series of economic data trickling onto the tape. Key amongst these are the Eurozone Current Account readings, these relate to April and are showing a slight pick up in trade for that month. The seasonally adjusted number is €21.5Bn, this is up from the prior months €19.6Bn and has come a little ahead of the market consensus estimate of €19.4Bn. On a non-seasonally adjusted basis the April figure is now €18.7Bn, down on the €21.6Bn recorded for the month of March.

On a country level, the Italian National Institute for Statistics (Istat) has just published an update for the economy’s industrial sector, in a mixed report there has been a fall in sales but this is somewhat offset by a pick up in orders. The Industrial Sales number is showing a year on year drop in April to 2.2% on a non seasonally adjusted basis, this compares to a reading of 2.6% in March. Month on month the figure is showing a seasonally adjusted change of -0.2% in comparison to a rise of 0.4% in March.

Italian Industrial Orders however have posted some substantial gains. The key year on year reading for April is now showing non-seasonally adjusted growth of 6.2%, this is easily ahead of the 2.8% reading taken in March. Month on month the number is seasonally adjusted but still manages an impressive gain of 3.8% compared to just 1.4% the previous month.

In addition to the Italian data there was an update published by the German Statistics Department earlier relating to Producer Price inflation. The key year on year number for May has stemmed recent falls by coming in at -0.8%, this is a slight improvement on the -0.9% seen in April but not quite meeting the markets expectation for a pick up to -0.7%. Month on month the contribution was for a fall of -0.2% compared to the -0.1% seen the previous month.

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