EU posts €108.8B current account surplus in Q2

ANKARA

The EU had a current account surplus of €108.8 billion ($126.5) billion, or 3.1% of its gross domestic product (GDP), in the second quarter of 2021, according to estimates released Monday by Eurostat, the statistical office of the European Union.

The figure is up from a surplus of €80.0 billion, or 2.6% of GDP, recorded in the same period of 2020. However, it is down from a surplus of €122.9 billion, or 3.7% of GDP, in the first quarter of 2021.

Surplus of the goods account decreased to €74.4 billion in April-June period, from €96.4 billion in January-March, and surplus of the services account also declined to €27.2 billion, from €31.9 billion, during the same period.

In the second quarter of 2021, the EU recorded external current account surpluses with the UK at €53.6 billion, followed by the US at €25.3 billion and Switzerland at €21.9 billion.

Household savings down

Eurostat, on the other hand, also announced that the household saving rate in the euro area was down to 19% in the second quarter of 2021, compared with 21.5% in the first quarter of 2021.

Despite the decline from the previous quarter, the household saving rate in April-June period this year is still the third highest value since the beginning of the data in 1999.

The highest household saving rate came at 25.2% in the second quarter of 2020 during the first months of the coronavirus pandemic when quarantines worldwide caused a massive decline in global demand of goods and services.

Eurostat noted that household investment rate in the euro area increased to 9.4% in the second quarter of 2021, from the previous quarter, to mark its highest value since 2011.

ANKARA

In the second quarter of 2021, the EU recorded external current account surpluses with the UK at €53.6 billion, followed by the US at €25.3 billion and Switzerland at €21.9 billion.

Household savings down

Eurostat, on the other hand, also announced that the household saving rate in the euro area was down to 19% in the second quarter of 2021, compared with 21.5% in the first quarter of 2021.

Despite the decline from the previous quarter, the household saving rate in April-June period this year is still the third highest value since the beginning of the data in 1999.

Eurostat noted that household investment rate in the euro area increased to 9.4% in the second quarter of 2021, from the previous quarter, to mark its highest value since 2011.