Eurozone current account shows May deficit

0 Comments | AFP, July, 2008

FRANKFURT (AFP) — The eurozone payments current account showed a deficit of 7.3 billion euros (11.5 billion dollars) in May, the European Central Bank estimated on Thursday, following a surplus of 1.5 billion euros in April.

The current account is the eurozone's widest measure of eurozone trade and financial transactions with countries outside the 15-nation area, but ECB estimates are subject to marked revisions, making comparisons difficult.

The April level was initially forecast as close to balanced, for example.

In May 2007, the account posted a surplus of 13.0 billion euros, the bank said in a statement.

But data for May 2008 indicated that investment flows were clearly oriented towards the eurozone.

In the financial account, "combined...