Euro area recorded €310 billion ($351 billion) current account surplus in 2021, which was 2.6% of its gross domestic product (GDP), according to official data released Friday.

It marked a sharp gain from a surplus of €213 billion recorded in 2020, which was 1.9% of euro area GDP.

The increase was largely driven by higher surpluses for services, which were up from €6 billion to €123 billion, and primary income – up from €32 billion to €53 billion, the European Central Bank said in a statement.

“In direct investment, euro area residents made net investments of €107 billion in non-euro area assets in 2021,” it said, adding, “non-residents disinvested €168 billion in net terms from euro area assets in 2021.”

In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €329 billion in 2021, while non-residents’ net purchases of euro area equity increased to €453 billion.

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