The European Central Bank published euro area balance of payments data showing a current account surplus of EUR 15 billion in March 2026, down from EUR 26 billion in the previous month. Over the 12 months to March 2026, the surplus narrowed to EUR 275 billion, or 1.7% of euro area GDP, from EUR 368 billion, or 2.4% of GDP, a year earlier. March’s balance reflected surpluses in goods, services and primary income that were partly offset by a deficit in secondary income. The 12-month decline was driven by weaker readings across all current account components, including a shift in primary income from a EUR 17 billion surplus to a EUR 19 billion deficit, lower goods and services surpluses, and a wider secondary income deficit. In the financial account, euro area residents made net direct investments of EUR 272 billion in non-euro area assets and non-residents made net direct investments of EUR 42 billion in euro area assets in the 12 months to March 2026. Portfolio investment flows totalled EUR 779 billion of net purchases of non-euro area securities by euro area residents and EUR 981 billion of net purchases of euro area securities by non-residents, with non-resident net purchases of euro area debt securities rising to EUR 545 billion from EUR 357 billion a year earlier. The Eurosystem’s stock of reserve assets fell to EUR 1,908.1 billion in March from EUR 2,045.8 billion in the previous month, mainly because of negative price changes linked largely to a decline in the price of gold. The release incorporates revisions to January and February 2026 data that did not significantly alter the figures previously published. The next monthly balance of payments release is scheduled for 18 June 2026 and the quarterly release for 3 July 2026.
European Central Bank2026-05-21
European Central Bank reports euro area current account surplus narrowed to EUR 15 billion in March and EUR 275 billion over 12 months
The European Central Bank reported the euro area current account surplus fell to EUR 15 billion in March 2026 and narrowed to EUR 275 billion, or 1.7% of GDP, over the 12 months to March, reflecting weaker balances across components. In the financial account, euro area residents recorded net direct investments of EUR 272 billion in non-euro area assets and net portfolio purchases of EUR 779 billion, while non-residents increased net purchases of euro area securities to EUR 981 billion, including EUR 545 billion in debt. The Eurosystem’s reserve assets declined to EUR 1,908.1 billion, mainly due to negative price changes from lower gold prices.