The current account surplus in the euro area grew to €32 million ($34.5 billion) in December 2023, according to official data released on Tuesday, Paralel.Az reports citing Anadolu Agency.

The figure was up from a €22 billion surplus in the previous month, the European Central Bank said in a statement.

"Surpluses were recorded for goods (€35 billion) and services (€16 billion), while deficits were recorded for secondary income (€13 billion) and primary income (€ 5 billion)," it said.

In 2023, the current account balance posted a surplus of €260 billion or 1.8% of euro area GDP, shifting from a €82 billion deficit or 0.6% of euro area GDP in 2022.

The improvement last year was led by a switch from a deficit of €81 billion to a surplus of €274 billion for goods, and, to a lesser extent, by a smaller deficit for secondary income (down from €172 billion to €160 billion).