Title: Increase in Eurozone Current Account Surplus

Data from the European Central Bank, released on Thursday, shows that "the Eurozone's current account surplus increased in May with a rise in the surplus of goods and services trade." On a seasonally adjusted basis, the Eurozone, which consists of 20 countries, recorded a surplus of 9.1 billion euros after it was 3.8 billion euros the previous month. However, unadjusted data indicated a deficit of 11.3 billion euros after a surplus of 4.3 billion euros. In the twelve months ending in May, the current account for the region registered a deficit of 0.4 percent of GDP, following a surplus of 1.3 percent from the previous twelve months. The Eurozone had maintained a significant surplus for several years until the Russian war in Ukraine led to higher energy import prices. Nevertheless, the enormous deficit recorded last year due to the rise in energy prices has been significantly reduced, as the Eurozone has reported a surplus every month since November.