Capital inflows in euro zone surge in 2002

The 12-member euro zone recorded net inflows of direct and porfolio investment in the first 10 months of 2002 of 39.5 billion euros (40.8 billion dollars) after a net outflow of 79.8 billion euros in the same period of 2001, the European Central Bank reported Friday.

Inflows surged in October last year to 39.5 billion euros from 5.4 billion in October 2001.

In another report the ECB said the euro zone posted a surplus in its current account of 40.9 billion euros from January to October 2002 after recording a deficit of 18.7 billion in the same period of 2001.

The surplus in October came to 3.7 billion euros after 4.1 billion in October 2001.

The current account is the broadest mesaure of foreign trade, covering movements in goods and services, investment returns from stocks and bonds and one-way payments such as foreign aid.