The seasonally adjusted current account of the euro area recorded a deficit of €1.3 billion in February 2012 (see Table 1). This reflected a deficit for current transfers (€8.7 billion), which was partially offset by surpluses for goods (€1.5 billion), services (€4.7 billion) and income (€1.2 billion). The 12-month cumulated seasonally adjusted current account recorded a surplus of €2.1 billion in February 2012 (less than 0.1% of euro area GDP; see Table 1 and Chart 1), compared with a deficit of €18.1 billion a year earlier. This shift resulted from increases in the surpluses for goods (from €3.3 billion to €9.4 ... (full story)