Italy observed an increase in its current account surplus in September compared to the previous year, according to a report released by the Bank of Italy on Tuesday.
The surplus in the current account climbed to EUR 1.07 billion, a significant rise from EUR 0.33 billion in the prior year.
A notable increase was seen in the goods surplus, which rose to EUR 2.57 billion from EUR 2.29 billion. However, the surplus in services trade experienced a decline, dropping to EUR 334 million from EUR 493 million.
The primary income balance showed improvement, with the deficit narrowing to EUR 243 million from EUR 630 million. Additionally, the deficit in secondary income lessened to EUR 1.59 billion from EUR 1.82 billion.
Conversely, the capital account balance shifted from a surplus of EUR 924 million in the previous year to a deficit of EUR 333 million in September. On the other hand, the financial account balance showed a turnaround, achieving a surplus of EUR 3.78 billion compared to a deficit of EUR 5.0 billion in September 2023.
Over the twelve-month period ending in September, the current account surplus amounted to EUR 21.7 billion, representing 1.0 percent of GDP. This is in contrast to a deficit of EUR 7.7 billion recorded during the same period in 2023.
