Euro area current account surplus shrinks in August

The euro area recorded a current account surplus of €9 billion ($10.1 billion) in August, reflecting a decrease of €18 billion from July, according to the European Central Bank.

The European Central Bank reported on Tuesday that positive balances in goods and services drove the overall surplus.

The goods sector posted a surplus of €18 billion, while services recorded a surplus of €13 billion during the month.

Deficits of €18 billion in secondary income and €4 billion in primary income partially offset these positive figures.

In the 12 months to August, the current account surplus reached €250 billion, representing 1.5% of the euro area's gross domestic product.

This 12-month figure marked a decline from the €290 billion surplus, or 1.8% of the gross domestic product, recorded in the same period a year earlier.