The current account recorded a surplus of €0.4 billion in September, rebounding from a deficit of €0.5 billion recorded in August (September 2021: surplus of €1.0 billion). Meanwhile, the current account deficit has grown over the 12 months, reaching €9.5 billion in September (August: €8.9 billion deficit).
The merchandise trade balance improved from the previous month, recording a surplus of €0.4 billion in September (August 2022: deficit of €0.4 billion). Merchandise exports grew 12.0% year-on-year in September, following the 32.4% jump in August. The September result marks the slowest expansion since March 2021. Meanwhile, growth in merchandise imports eased to 19.1% yoy in September (August: +40.0% yoy), marking the weakest result since March 2021.
FocusEconomics Consensus forecast committee members see a deficit of 0.6% of GDP in 2023, which is 0.1 percentage point lower than last month’s forecast. In 2024, committee members project a deficit of 0.1% of GDP.