- Peter Vanden Houte, an economist at ING Group NV
The Eurozone's current account surplus narrowed more than initially was expected, as surpluses for goods and services were partially offset by a deficit for current transfers. According to the European statistical office Eurostat, region's current account surplus fell to a seasonally adjusted €13.9 billion in December, down from €15.9 billion in the previous month, and below analysts' expectations of a reading of €15.3 billion. At the same time, the deficit in current transfers increased to €8.4 billion from €7.5 billion. For the whole 2012, the seasonally adjusted surplus for the Eurozone current account amounted to €116.1 billion, compared with a surplus of €8.9 billion in the year ago.
"The outlook for 2013 remains subdued," said Peter Vanden Houte, an economist at ING Group NV in Brussels. "While a gradual improvement of the world economy is likely to support European exports, domestic demand is bound to remain very weak."
"While sentiment towards the region has improved, the hard news on the economy remains distinctly weak," said Jonathan Loynes, chief European economist at Capital Economics in London.
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