Bank of Italy updates balance of payments data, Italy current account surplus rises to EUR 31.2 billion

The Bank of Italy published updated balance of payments and international investment position statistics for May 2026. The main change was a widening in Italy’s 12 month current account surplus to EUR 31.2 billion, equal to 1.4 per cent of GDP, from EUR 18.4 billion, or 0.8 per cent of GDP, a year earlier. The increase was driven by primary income returning to surplus at EUR 4.0 billion from a EUR 3.7 billion deficit, alongside a larger goods surplus of EUR 55.4 billion from EUR 47.0 billion. Offsetting that, the services deficit widened to EUR 8.0 billion from EUR 5.9 billion and the secondary income deficit to EUR 20.2 billion from EUR 19.0 billion. At the end of March 2026, the net international investment position remained broadly unchanged from end-2025 at a positive EUR 351 billion, or 15.5 per cent of GDP. For May alone, the current account showed a EUR 594 million surplus. On the financial account, foreign assets held by Italian residents increased by EUR 18.0 billion, mainly reflecting higher other investment, portfolio investment, reserve assets and direct investment abroad. Italy’s external liabilities rose by EUR 24.8 billion, largely because of a EUR 21.6 billion increase in other investment liabilities. Nonresidents recorded net purchases of Italian securities of EUR 2.3 billion, with purchases of private sector securities of EUR 6.1 billion more than offsetting sales of government securities of EUR 3.7 billion, while direct investment in Italy increased by EUR 0.9 billion.