European Central Bank reports euro area current account surplus narrows to EUR 34 billion in February 2025

The European Central Bank published euro area balance of payments data showing the current account recorded a EUR 34 billion surplus in February 2025, down from EUR 40 billion in the previous month. Over the 12 months to February 2025, the current account surplus widened to EUR 411 billion (2.7% of euro area GDP), up from EUR 299 billion (2.0%) one year earlier. In February 2025, surpluses for goods (EUR 34 billion) and services (EUR 14 billion) were partly offset by deficits for secondary income (EUR 10 billion) and primary income (EUR 3 billion). The 12-month widening was driven by higher surpluses in goods (EUR 371 billion), services (EUR 169 billion) and primary income (EUR 45 billion), while the secondary income deficit increased to EUR 174 billion. In the financial account over the same 12-month period, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled EUR 738 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled EUR 800 billion; residents’ net purchases included EUR 199 billion in non-euro area equity and EUR 539 billion in non-euro area debt securities, while non-residents’ net purchases comprised EUR 408 billion in euro area equity and EUR 392 billion in euro area debt securities. The monetary presentation showed euro area monetary financial institutions’ net external assets (enhanced) increased by EUR 471 billion in the 12 months to February 2025, and the Eurosystem’s stock of reserve assets rose to EUR 1,477.8 billion in February 2025, mainly reflecting positive price changes driven largely by higher gold prices. The release incorporated revisions to January 2025 data, which did not significantly alter previously published figures. The next monthly balance of payments release is scheduled for 20 May 2025 and the next quarterly release for 3 July 2025.