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Europe's current account surplus narrowed from 2.3% to 2.2% of GDP between 2019 and 2020, the European Central Bank's latest Economic Bulletin shows, although a sharp drop in nominal GDP as a result of the Covid-19 pandemic and lockdown restrictions saw its real value fall from EUR 280 billion to EUR 250 billion.

Euro area trade in services, particularly travel and tourism, was especially hard-hit. There was a pronounced decline in surpluses with the United States and the United Kingdom, driven mainly by services, while the goods deficit with China continued grew partly as a result of increased imports of medical supplies linked to the pandemic.