- Destatis
The Euro zone's current account surplus narrowed in August following the decline in the preceding month, according to the European Central Bank. The current account balance showed a surplus of 17.7 billion euros in the reported month, compared with 25.6 billion euros in July. In September, the GDP data showed exports climbed 1.6% in the second quarter, while imports increased 1.0%. Economic output growth in the currency bloc was 0.4% on a quarterly basis, supported by strong household consumption, whereas businesses and governments remained reluctant to invest despite the ECB's QE programme.
Meanwhile, the German producer price index dropped 2.1% on year in September as decreasing oil prices coupled with sluggish demand added to pressure on producers. Measured on a monthly basis, German PPI dropped 0.4% in September, according to Destatis. Excluding energy costs, the gauge dropped by 0.6% compared with September 2014. At the same time German consumer inflation declined 0.2% on month in September as declining oil prices had a dramatic impact on the overall price level in the Euro zone's number one economy.
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