- Jens Weidmann, ECB Governing Council member
The Euro zone's current account surplus widened in March from February, according to the European Central Bank. The current account balance logged a surplus of 27.3 billion euros in March in adjusted terms, up from a slightly upwardly revised 19.2 billion euros in February. The surplus in goods soared to 31.0 billion euros in March from 24.2 billion euros in February, while the surplus for services remained unchanged at 6.9 billion euros. The surplus on primary income widened to 2.3 billion euros in March from 1.9 billion euros in February. In the 12 months to March, the accumulated current account surplus accounted for 3.1% of Euro zone gross domestic product, compared with 2.7% in the comparative period a year earlier. The Euro bloc's economy expanded compared with the final quarter of last year, albeit both first readings were revised down by one notch, according to the latest report from Eurostat. The seasonally adjusted GDP of the Euro bloc increased 0.5% during the first quarter of 2016,compared with the 0.3% gain posted in the previous quarter, while missing analysts' projections of 0.6% growth.
Meanwhile, a separate report showed producer prices in the Euro bloc's number one economy, Germany, declined again on an annual basis in April, while posting positive uptick on a monthly basis. The producer price index decreased 3.1% year-on-year in the reported month.
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