The Bank of Italy announced on Friday that Italy's current account surplus saw a reduction in November compared to the previous year. Specifically, the surplus declined to EUR 332 million from the EUR 848 million recorded the prior year.
Despite this, the surplus in goods saw an increase, reaching EUR 4.39 billion, up from EUR 4.19 billion. Furthermore, the deficit in services trade showed improvement, narrowing to EUR 1.20 billion compared to the previous EUR 2.07 billion deficit.
However, the deficit in primary income expanded, increasing from EUR 2.19 billion to EUR 2.98 billion. Simultaneously, data indicated a reduction in the secondary income shortfall, which decreased to EUR 540 million from EUR 774 million.
The capital account shifted to a deficit of EUR 108 million, a move away from last year's surplus of EUR 2.05 billion. Meanwhile, the surplus in the financial account increased, rising to EUR 4.58 billion from EUR 4.32 billion.
Over the twelve months leading up to November, the current account surplus amounted to EUR 28.1 billion, representing 1.3 percent of GDP. This marks a significant improvement from the EUR 3.7 billion deficit seen in the same period of 2023.
