Monday, the European Central Bank said the current account of the Euro area showed a deficit of EUR 93.6 billion in 2008, around 1% of GDP. In 2007, the current account balance had registered a surplus of EUR 11.1 billion.

This development was predominantly due to a shift in the goods account to a deficit of EUR 6.1 billion from a surplus of EUR 46.4 billion as well as a shift in the income account to a deficit of EUR 32.4 billion from a surplus of EUR 1.4 billion.

In the fourth quarter, the current account deficit was EUR 22 billion. The central bank said this was the result of a deficit of EUR 25.7 billion in current transfers that was very partially counterbalanced by a surplus in services. Meanwhile, the goods and income accounts were close to balance.

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