RTTNews - Italian current account deficit contracted to EUR 422 million in May from EUR 6.3 billion deficit recorded last year, the Bank of Italy said Friday.

The current account deficit contraction was led by an increase in goods trade surplus to EUR 2.2 billion from the previous year's EUR 1.2 billion surplus.

At the same time, the deficit in services trade narrowed to EUR 309 million from EUR 505 million. Moreover, deficits on income and current transfers also narrowed from the previous year.

Capital account surplus in May decreased to EUR 21 million from EUR 32 million recorded last year. During the same period, the financial account balance swung to a deficit of EUR 2.6 billion from EUR 11.44 billion surplus.

For comments and feedback: contact editorial@rttnews.com