The European Central Bank published updated euro area balance of payments and international investment position statistics showing the current account surplus fell to EUR 326 billion, or 2.1% of GDP, in the four quarters to the second quarter of 2025, from EUR 396 billion (2.7% of GDP) a year earlier. Net external assets in the international investment position stood at EUR 1.43 trillion, or 9.3% of GDP, at end-Q2 2025, down from EUR 1.69 trillion in the previous quarter. The narrowing in the current account was mainly driven by primary income moving from a EUR 42 billion surplus to a EUR 6 billion deficit, alongside a wider secondary income deficit (EUR 180 billion from EUR 164 billion) and a smaller services surplus (EUR 154 billion from EUR 166 billion), partly offset by a higher goods surplus (EUR 359 billion from EUR 352 billion). By counterpart, the largest bilateral surplus was vis-à-vis the United Kingdom (EUR 198 billion) and the largest deficit was vis-à-vis China (EUR 134 billion). The decline in net external assets mainly reflected lower net assets in portfolio debt (EUR 1.39 trillion from EUR 1.57 trillion); negative exchange rate changes of EUR 498 billion were the main driver in Q2 2025, partly offset by positive price changes, transactions and other volume changes. Gross external debt was EUR 16.89 trillion (109% of GDP) at end-Q2 2025. The release incorporates revisions covering periods from Q1 2021 to Q1 2025. The ECB scheduled its next monthly balance of payments release for 20 October 2025 and the next quarterly balance of payments and international investment position release for 13 January 2026, and it will publish a second set of revised quarterly data on 28 October 2025 with revisions back to Q1 2013 without an accompanying press or statistical release.
European Central Bank 2025-10-07
European Central Bank reports euro area current account surplus at EUR 326 billion and net international investment position at EUR 1.43 trillion
The European Central Bank reported a decrease in the euro area current account surplus to EUR 326 billion (2.1% of GDP) in the year to Q2 2025, down from EUR 396 billion (2.7% of GDP) a year earlier. Net external assets fell to EUR 1.43 trillion (9.3% of GDP) at end-Q2 2025, primarily due to lower net assets in portfolio debt and negative exchange rate changes. The largest bilateral surplus was with the UK, while the largest deficit was with China.