In February 2017, the current account showed a deficit of €937 million, up by €109 million year-on-year. This development is attributable to an increase in the deficit of the balance of goods, which more than offset a rise in the surplus of the services balance, and to a decrease in the surplus of the primary income account. By contrast, the secondary income account improved. The total value of exports of goods and services grew by 11.6%, but the corresponding imports increased more in absolute terms, resulting in a slight deterioration in the overall balance of goods and services.
The deficit of the balance of goods increased year-on-year, mainly as a result of a rise in the deficit of the oil balance, owing to higher international oil prices. By contrast, the non-oil balance of goods improved. However, it should be noted that non-oil exports of goods declined by 1.8% at constant prices and the corresponding imports by 1.2%.