Current account deficit narrows in May

The current account posted a EUR 0.1 billion deficit in May, improving from the EUR 3.6 billion deficit recorded in April (May 2023: EUR 0.7 billion deficit). Accordingly, the 12-month trailing current account deficit improved, coming in at EUR 3.5 billion in May (April: EUR 4.1 billion deficit). The merchandise trade balance improved from the previous month, recording a EUR 0.6 billion surplus in May (April 2024: EUR 0.2 billion surplus). Merchandise exports contracted 9.1% in annual terms in May (April: -4.4% year-on-year). Meanwhile, merchandise imports fell 9.6% on an annual basis in May (April: +7.7% yoy).

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