The European Central Bank reported that the euro area recorded a current account surplus of EUR 25 billion in May 2026, up from EUR 17 billion in April. The monthly surplus reflected positive balances in goods, services and primary income, partly offset by a secondary income deficit. Over the 12 months to May 2026, the current account surplus fell to EUR 272 billion, or 1.7% of euro area GDP, from EUR 318 billion, or 2.0% of GDP, a year earlier, mainly because the goods surplus narrowed and the secondary income deficit widened. In the financial account, cross-border investment flows increased on both the asset and liability sides over the same 12-month period. Euro area residents' net direct investment in non-euro area assets rose to EUR 335 billion from EUR 164 billion, while non-residents' net direct investment in euro area assets increased to EUR 64 billion from EUR 5 billion. In portfolio investment, euro area residents made net purchases of non-euro area securities worth EUR 889 billion, split between EUR 252 billion in equity and EUR 636 billion in debt, while non-residents bought EUR 1,005 billion of euro area securities, including EUR 500 billion in equity and EUR 505 billion in debt. Other investment also increased, with euro area residents' net acquisitions of non-euro area assets reaching EUR 702 billion and net incurrence of liabilities rising to EUR 583 billion. The monetary presentation showed euro area monetary financial institutions' net external assets increased by EUR 225 billion in the 12 months to May 2026, mainly supported by the current and capital account surplus and non-MFI inflows in portfolio equity and other investment. The Eurosystem's stock of reserve assets fell to EUR 1,872.8 billion in May from EUR 1,888.0 billion in April, primarily because of negative price changes, largely linked to monetary gold.
European Central Bank2026-07-17
European Central Bank reports euro area current account surplus of EUR 25 billion in May, 12 month surplus narrows to EUR 272 billion
The European Central Bank said the euro area posted a current account surplus of EUR 25 billion in May 2026, up from EUR 17 billion in April. The 12-month surplus to May narrowed to EUR 272 billion from EUR 318 billion a year earlier, mainly because the goods surplus fell and the secondary income deficit widened. In the financial account, both residents' purchases of non-euro area securities and non-residents' purchases of euro area securities increased, while reserve assets fell to EUR 1,872.8 billion.