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(CEP News) Frankfurt - On Thursday, the European Central Bank reported that the euro zone current account deficit rose to €21.4 billion in May, up from both the €6.0 billion deficit expected and the €7.4 billion deficit figure recorded in the previous month. April's reading was revised down from an initial deficit level of €9.2 billion.
In seasonally adjusted terms, the ECB reported that the euro zone current account fell to a deficit of €7.3 billion in May after rising to a surplus of €1.5 billion in the previous month. April's figure was revised up from an initial reading of -€0.3 billion. "This reflected deficits in current transfers (EUR 5.9 billion) and goods (EUR 3.3 billion), which were partly offset by a surplus in services (EUR 2.7 billion). The income account was close to balance," an ECB press release said. The ECB also announced that the combined direct and portfolio investments in the euro zone saw a net inflow of €13 billion in May, reflecting a net inflow of €23 billion in portfolio investment and net outflows of €10 billion in direct investment. By Todd Wailoo,
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, edited by Nancy Girgis,
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