- Prior €4.2 billion
On a seasonally adjusted basis, that is the biggest current account deficit in the euro area since the global financial crisis more than a decade ago. A notable deficit was recorded for goods traded (-€18 billion) and that is the main contributor to the overall current account deficit. It is but another sign that the Russia-Ukraine conflict is continuing to weigh on Europe's economy as its its import bill for raw materials has been pushed up significantly.
