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Current account deficit of European Union expands in June

The current account deficit of the European Union (EU) expands to 13.1 billion EUR in June 2016, from 12.4 billion EUR in May 2016 and 9.9 billion EUR in June 2015. For the month, the current account surplus of the service sector increased by 0.6 billion EUR to 12.7 billion EUR, while in goods sector decreased by 1.1 billion EUR to 10.4 billion EUR.

The balance of the primary income remained negative in June 2016, amounting to 3.4 billion EUR, decreasing by 1 billion EUR compared to May. The balance on secondary income was negative, amounting 6.7 billion EUR, decreasing by only 0.01 billion EUR compared to May.

The current account surplus of the EU for the last 12 months reached 147.7 billion EUR at the end of June, compared to 139 billion EUR for the previous 12 months. The surplus in goods account increased over the period to 132.8 billion EUR compared to 72.5 billion EUR an year ago, while services fell to 140.4 billion EUR compared to 148.3 billion EUR during the previous 12 months.

For the 12-month period balances of primary income and secondary income expand respectively over five times to 45.1 billion EUR and 80.3 billion EUR.

Germany remains the EU country with the largest current account surplus of 26.31 billion EUR in June 2016. Europe’s largest economy is often criticized because of the surplus. The difference with the second EU country with the largest current account surplus – Italy is more than three times.

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