Euro Area Current Account

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Source: European Central Bank
Source Link: https://www.ecb.europa.eu/
Frequency: Monthly
Next Release(s): October 20th, 2025 4:00 AM

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The euro area recorded a €28 billion current account surplus in July 2025, down from €36 billion in June, reflecting weaker external balances across several components.
- Goods posted a €25 billion surplus, services €12 billion, and primary income €7 billion, while secondary income registered a –€16 billion deficit.
- Over the 12 months to July 2025, the current account surplus narrowed to €315 billion (2.0% of GDP) from €394 billion (2.6%) a year earlier, driven by a swing in primary income (from +€41 billion to –€2 billion) and a larger secondary income deficit.
- The goods surplus eased slightly to €361 billion over the 12 months (from €363 billion), and the services surplus declined to €143 billion (from €158 billion).
- In direct investment, euro area residents made net investments of €284 billion abroad versus net disinvestments of €211 billion a year earlier, while non-residents invested €220 billion in euro area assets versus net disinvestments of €417 billion previously.
- In portfolio investment, euro area residents’ net purchases of non-euro area securities rose to €807 billion (from €532 billion a year earlier), while non-residents’ net purchases of euro area securities reached €741 billion (from €749 billion previously).
- Reserve assets of the Eurosystem increased to €1,499 billion in July, up from €1,462 billion in June, reflecting valuation gains in gold and favorable exchange rate movements.
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The euro area recorded a €36 billion current account surplus in June 2025, up from €32 billion in May, supported by solid surpluses in goods, services and primary income.
- Goods posted a €23 billion surplus, services €16 billion, and primary income €14 billion, while secondary income registered a –€17 billion deficit.
- Over the 12 months to June 2025, the current account surplus narrowed to €318 billion (2.0% of GDP) from €386 billion (2.6%) a year earlier, mainly due to a swing in primary income (from +€43 billion to –€7 billion) and a larger secondary income deficit.
- Goods surplus over the same period increased to €367 billion (from €354 billion), partly offsetting a decline in the services surplus (to €144 billion from €158 billion).
- Euro area residents made €814 billion in net purchases of non-euro area portfolio securities in the 12 months to June, while non-residents bought €749 billion in euro-area portfolio instruments.
- Direct investment flows turned more positive, with euro area residents making €261 billion in net investments abroad (vs –€230 billion a year earlier) and non-residents investing €184 billion in euro-area assets (vs –€374 billion the year before).
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The euro area posted a current account surplus of €32 billion in May 2025, up from €19 billion in April, driven by stronger goods and services balances.
- In May, the goods surplus increased €2 billion to €33 billion, and the services surplus increased €6 billion to €13 billion.
- In May, the primary income balance increased €5 billion to €2 billion, while the secondary income balance was unchanged at -€16 billion.
- The 12-month current account surplus narrowed to €333 billion (2.1% of GDP) from €364 billion (2.5% of GDP) a year earlier, due to a swing in primary income (from +€34B to -€5B) and a larger secondary income deficit.
- Goods surplus rose to €378 billion (from €346B), while services surplus slipped to €146 billion (from €153B).
- Euro area residents made €758 billion in net portfolio investment purchases in the 12 months to May; non-residents purchased €744 billion in euro area assets.
- Direct investment reversed, with euro area residents investing €200 billion abroad in the 12 months to May 2025 vs -€215 billion in the 12 months to May 2024.
- Non-residents invested €126 billion in the 12 months to May 2025 vs -€398 billion the 12 months to May 2024.
- Net external assets of euro area MFIs increased €417 billion over the 12-month period, supported by current account strength and portfolio inflows.
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The euro area posted a current account surplus of €20 billion (vs €40.4 billion expected) in April, down from €51 billion in March, as goods and services surpluses narrowed and the secondary income deficit widened.
- The goods balance dropped from €44 billion in April to €30 billion in March as exports fell -€26 billion and imports dropped -€12 billion.
- The services and primary income balances both declined as well by -€6 billion and -€7 billion.
- The 12-month current account surplus rose to €419 billion (2.8% of GDP), up from €339 billion (2.3%) a year earlier, led by stronger goods (+€42B), services (+€24B), and primary income (+€23B).
- Euro area residents and non-residents each made €690 billion in net portfolio investment purchases in the 12 months to April.
- Direct investment saw euro area residents shift to net investments of €134 billion (vs -€192 billion YoY), while non-residents disinvested €20 billion (vs -€334 billion YoY).
- In other investment, euro area residents’ net asset acquisitions surged to €403 billion, nearly triple the amount from a year earlier.
- Net external assets of euro area MFIs increased €452 billion over the year, supported by current account strength and portfolio inflows.
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The euro area recorded a current account surplus of €51 billion (vs €36 billion expected) in March, up from €41 billion in February, driven by gains in the goods and primary income surpluses.
- The 12-month current account surplus rose to €438 billion (2.9% of GDP), up from €312 billion (2.1% of GDP) a year earlier, led by larger surpluses in goods, services, and primary income.
- Euro area residents made €698 billion in net portfolio investment purchases abroad, while non-residents bought €782 billion in euro area securities in the 12 months to March.
- Direct investment saw euro area residents invest €110 billion abroad, while non-residents disinvested €101 billion from euro area assets.
- Net external assets of euro area MFIs rose by €405 billion over the past year, supported by the current account surplus and strong portfolio inflows.
- The Eurosystem’s reserve assets increased to €1,511.0 billion, driven by a €48.0 billion gold price gain.
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Current account recorded €34 billion surplus in February, down from €40 billion in previous month and below expectations of a surplus of €37 billion.
- Surpluses were recorded for goods (€34 billion) and services (€14 billion). These were partly offset by deficits for secondary income (€10 billion) and primary income (€3 billion).
- Current account surplus amounted to €411 billion (2.7% of euro area GDP) in the 12 months to February 2025, up from €299 billion (2.0%) one year earlier
- In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €738 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €800 billion in the 12 months to February 2025
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The euro area current account balance was €35 billion surplus in January, down from €38 billion in December.
- Through the last 12 months, the euro area current account surplus was 2.7% of GDP, up from 1.9% of GDP a year ago.
- The goods and secondary income balances both improved but were offset by a decline in the services and primary income balances.
- In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €677 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €784 billion in the 12 months to January.
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The euro area current account recorded €38 billion surplus in December, up from €25 billion in November and above the estimate of €30.2 billion.
- The current account balance is up from 1.6% of GDP in 2023 to 2.8% of GDP in 2024 as a result of improvements in the goods and services balances.
- Over the month, the current account surplus grew from a larger services balance (up €9 bil to €18 bil) and a shift to a primary income surplus (up €10 bil to €4 bil).
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The euro area’s current account surplus fell slightly to €27 billion in November from €30 billion in October. This included a larger goods surplus offset by a lower services surplus and a slight widening of the primary income deficit. In the 12-months to November, the current account balance is up from €225 billion or 1.5% of GDP to €412 billion or 2.7% of GDP.

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