Italy June Current Account Deficit Narrows From Last Year

 @ibtimes
on August 13 2009 6:43 AM

RTTNews - Italy's current account deficit in June narrowed to EUR 1.11 billion from EUR 2.35 billion deficit in the previous year year, the Bank of Italy said Thursday.

The current account deficit narrowed mainly due to an increase in goods surplus to EUR 1.45 billion from EUR 222 million recorded last year. Also, the deficit in income narrowed to EUR 3.12 billion from EUR 3.66 billion.

However, the balance in services trade turned to a deficit of EUR 70 million from last year's EUR 448 million surplus. The excess in current transfers shrank to EUR 623 million from EUR 640 million.

The capital account balance was a deficit of EUR 47 million, a change from EUR 9 million surplus last year. In the financial account, the balance was EUR 2.37 billion surplus, down from EUR 4.7 billion surplus in the year ago period.

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