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May 20, 2020EURO AREA CURRENT ACCOUNT, MARCH 2020 During the COVID-19 pandemic, comparisons of year-to-date averages and sums do not show Nova Scotia’s rapidly changing economic situation. The DailyStats will focus on year-over-year comparisons, comparing one month with the same month in the prior year. Where possible the DailyStats will make comparisons of seasonally adjusted data from the pre-COVID-19 period (January and February 2020) with the period during which COVID-19 measures were in place from March 2020 onwards.
MONTHLY
The European Central Bank reported today that the Euro Area (EA19) current account (working day and seasonally adjusted) recorded a surplus of €27.4 billion in March 2020. Surpluses of €32.2 billion in net goods trade, €2.2 billion in net services trade and €2.4 billion in net primary income, were partially offset by a deficit of €9.4 billion in net secondary income accounts.
In March 2020, Euro Area exports of goods and services decreased -€31.3 billion to €257.4 billion and Imports of goods and services decreased -€29.3 billion to €223.1 billion. The net trade surplus declined -€1.9 billion to €34.3 billion.
Sources: European Central Bank: Press Release | Database | Selected BOP Data | Competitiveness indicator
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