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Developments in the euro area current account during the pandemic

Author

Listed:
  • Fidora, Michael
  • Pastoris, Fausto
  • Schmitz, Martin

Abstract

Amid elevated volatility in economic activity and international trade due to the pandemic, the overall euro area current account surplus narrowed only slightly in 2020 compared with 2019, from 2.3% to 2.2% of GDP. However, external transactions in the current account contracted sharply during the first half of the year, following the outbreak of the pandemic and the introduction of measures to contain its spread. The economic repercussions of the pandemic were particularly visible in the trade in services balance, where travel restrictions led to a sharp reduction in the euro area surplus on travel services. JEL Classification: F32, F41

Suggested Citation

  • Fidora, Michael & Pastoris, Fausto & Schmitz, Martin, 2021. "Developments in the euro area current account during the pandemic," Economic Bulletin Boxes, European Central Bank, vol. 4.
    • Handle: RePEc:ecb:ecbbox:2021:0004:1
    Note: 491968
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2021/html/ecb.ebbox202104_01~d935051583.en.html
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    More about this item

    Keywords

    Current account balance; external imbalances; international trade; pandemic;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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