European Central Bank reports euro area current account surplus narrowed to EUR 9 billion in November 2025

The European Central Bank published euro area balance of payments data showing the current account surplus fell to EUR 9 billion in November 2025 from EUR 27 billion in the previous month. Over the 12 months to November 2025, the cumulated surplus declined to EUR 267 billion (1.7% of euro area GDP) from EUR 414 billion (2.7%) one year earlier. In November 2025, goods and services recorded surpluses of EUR 24 billion and EUR 12 billion respectively, while primary income and secondary income posted deficits of EUR 12 billion and EUR 15 billion. The year-on-year drop in the 12-month surplus was mainly driven by primary income moving from a EUR 46 billion surplus to a EUR 56 billion deficit, alongside a lower services surplus (EUR 137 billion from EUR 173 billion) and a larger secondary income deficit (EUR 189 billion from EUR 169 billion), partly offset by a higher goods surplus (EUR 375 billion from EUR 364 billion). In the financial account over the 12 months to November 2025, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled EUR 844 billion, while non-residents’ net acquisitions of euro area portfolio investment securities totalled EUR 830 billion; euro area residents also made net direct investments of EUR 172 billion in non-euro area assets, while non-residents invested EUR 79 billion in euro area assets. The Eurosystem’s stock of reserve assets rose to EUR 1,754.6 billion in November 2025 from EUR 1,709.9 billion, mainly reflecting positive price changes of EUR 42.7 billion linked to higher gold prices. The release incorporates revisions to October 2025 data, which did not significantly alter previously published figures. The next ECB releases are scheduled for 19 February 2026 (monthly data up to December 2025) and 9 April 2026 (quarterly data up to the fourth quarter of 2025).