The European Central Bank (ECB) published euro area balance of payments data showing a current account surplus of EUR 23 billion in September 2025, up from EUR 22 billion in the previous month. Over the 12 months to September 2025, the surplus totalled EUR 306 billion (2.0% of euro area GDP), down from EUR 414 billion (2.7%) one year earlier. In September 2025, surpluses in goods (EUR 30 billion) and services (EUR 12 billion) were partly offset by deficits in secondary income (EUR 17 billion) and primary income (EUR 3 billion). The fall in the 12-month current account surplus was mainly driven by primary income moving from a surplus of EUR 51 billion to a deficit of EUR 21 billion, alongside a wider secondary income deficit (EUR 189 billion from EUR 164 billion) and a smaller services surplus (EUR 155 billion from EUR 168 billion), partly offset by a slightly higher goods surplus (EUR 362 billion from EUR 360 billion). In the financial account over the 12 months to September 2025, euro area residents’ net acquisitions of non-euro area portfolio securities totalled EUR 868 billion and non-residents’ net acquisitions of euro area portfolio securities totalled EUR 729 billion; residents’ net direct investment in non-euro area assets was EUR 161 billion while non-residents’ net direct investment in euro area assets was EUR 76 billion. The Eurosystem’s stock of reserve assets rose to EUR 1,622.2 billion in September 2025 from EUR 1,507.8 billion, largely reflecting positive price changes of EUR 112.7 billion linked to higher gold prices, partly offset by negative exchange rate changes of EUR 2.9 billion; the release also incorporated revisions to July and August 2025 data, mainly due to revised goods import figures. The next monthly balance of payments release is scheduled for 19 December 2025 (reference data of November 2025), and the next quarterly release for 13 January 2026 (reference data up to the third quarter of 2025).
European Central Bank 2025-11-19
European Central Bank reports euro area current account surplus of EUR 23 billion in September 2025 and a lower 12-month surplus of EUR 306 billion
The European Central Bank reported a euro area current account surplus of EUR 23 billion in September 2025, up from EUR 22 billion in August. Over the 12 months to September 2025, the surplus decreased to EUR 306 billion (2.0% of GDP) from EUR 414 billion (2.7%) the previous year, primarily due to a shift in primary income from a surplus to a deficit. The Eurosystem's reserve assets increased to EUR 1,622.2 billion, driven by higher gold prices despite negative exchange rate impacts.