EUROZONE DATA: Stable Trends In CA Components On 12m GDP Basis In May

The Eurozone seasonally adjusted current account surplus increased to E32.3bln in May, driven largely by increases in the services and primary income balances. On a 3m rolling basis to nominal GDP, the CA surplus rose to 2.1%, the highest since September 2024. 

• On the other hand, the NSA current account surplus was just E1.0bln (vs E18.0bln prior), with the primary income balance seeing a seasonally regular outflow worth E34.8bln. On a 12-month rolling basis to GDP, the current account surplus fell a touch to 2.2% from 2.3% in April – the lowest since March 2024.
• As noted in our write-up of the May merchandise trade data yesterday, the goods surplus has seen a partial stabilisation after surpluses surged in Feb and Mar primarily on US tariff front-running of Irish pharmaceutical exports. In May, the NSA goods surplus was E30.9bln, up from E27.3bln in April but down from a notable E52.0bln in March. The goods surplus is still worth 2.4% of GDP on a 12-month basis.
• The services surplus similarly still accounts for 1.0% GDP, with the primary income balance at 0.0% and the secondary income deficit at 1.2%.