This reflected surpluses for goods (€26.9 billion), primary income (€11.4 billion) and services (€2.6 billion), which were partly offset by a deficit for secondary income (€10.7 billion).

The 12-month cumulated current account for the period ending in May 2017 recorded a surplus of €348.7 billion (3.2% of euro area GDP), compared with one of €371.0 billion (3.5% of euro area GDP) for the 12 months to May 2016 (see Table 1 and Chart 1). This development was due to decreases in the surpluses for goods (from €364.9 billion to €348.0 billion) and services (from €65.4 billion to €49.1 billion), and an increase in the deficit for secondary income (from €121.4 billion to €142.0 billion). These were partly offset by an increase in the surplus for primary income (from €62.1 billion to €93.6 billion).