Eurozone current account back in deficit: ECB

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The eurozone's current account was back in deficit in October after the 17-country bloc notched up its first surplus for almost two years in September, the European Central Bank said on Monday.

The current account showed a deficit of 7.5 billion euros ($9.8 billion) in October, compared with a surplus of 2.2 billion euros the previous month, the ECB said in a statement.

The current account on the balance of payments, which includes imports and exports in both goods and services plus all other current transfers, is a closely tracked indicator of a country or area's ability to pay its way in the world.

It is crucial for the long-term confidence of investors and trading partners.

The data, which have historically been subject to large revisions, showed however that the eurozone's deficit has widened sharply in the past year.

Over the last 12 months, the deficit total amounted to 58.7 billion euros, or 0.6 percent of gross domestic product. That is far bigger than in the previous year, when the accumulated deficit came to 29.5 billion euros.

© 2011 AFP

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