European Central Bank reports euro area current account surplus of EUR 27 billion in November 2024 and widening 12-month surplus to EUR 412 billion

The European Central Bank published euro area balance of payments statistics showing a current account surplus of EUR 27 billion in November 2024, down from EUR 30 billion in the previous month. Over the 12 months to November 2024, the surplus widened to EUR 412 billion (2.7% of euro area GDP), up from EUR 225 billion (1.5%) one year earlier. In November, surpluses in goods (EUR 35 billion) and services (EUR 12 billion) were partly offset by deficits in secondary income (EUR 14 billion) and primary income (EUR 6 billion). The wider 12-month surplus was mainly driven by a larger goods surplus (EUR 386 billion versus EUR 233 billion) and, to a lesser extent, a larger services surplus (EUR 159 billion versus EUR 128 billion) and a smaller secondary income deficit (EUR 163 billion versus EUR 168 billion), while the primary income surplus narrowed (EUR 30 billion versus EUR 33 billion). In the financial account over the 12 months to November 2024, euro area residents’ net acquisitions of non-euro area portfolio securities totalled EUR 620 billion and non-residents’ net acquisitions of euro area portfolio securities totalled EUR 852 billion, alongside reduced net direct investment disinvestments by both residents and non-residents. The Eurosystem’s reserve assets increased to EUR 1,391.7 billion at end-November 2024 (from EUR 1,386.9 billion), mainly reflecting positive exchange rate changes. Revisions to October 2024 data did not significantly change previously published figures, and the next monthly and quarterly balance of payments releases are scheduled for 19 February 2025 and 4 April 2025.