Eurozone current account swings to $1.7 billion gap

FRANKFURT - Agence France-Presse

The European Central Bank, managed by Mario Draghi, has posted a current account deficit. AFP photo

The eurozone’s current account swung to a deficit of 1.3 billion euros ($1.7 billion) in February from a surplus of 3.7 billion euros in January, European Central Bank data showed yesterday.

The current account on the balance of payments, which includes imports and exports in both goods and services plus all other current transfers, is a closely tracked indicator of the ability of a country or area to pay its way in the world.

It is crucial for the long-term confidence of investors and trading partners.

Over the 12 months to February, the current account showed a surplus of 2.1 billion euros, compared with a deficit of 18.1 billion euros in the corresponding period a year earlier, the data showed.