In 2013, all stressed countries – except Cyprus – registered a surplus in their current account balances. Cyprus is expected to run a surplus in 2014. Compared to 2009, the current account (and capital transfers) balance has improved by about 16pp (of GDP) in Greece, around 14pp in Cyprus and Portugal and between 10pp and 12pp in Ireland, Slovenia and Spain.
Although weak  BIS central bankers’ speeches  3  domestic demand has contributed to declining current account surpluses, rebalancing has also been aided by strong export performance. Unit labour cost developments during the crisis have helped.