The European Central Bank published euro area balance of payments statistics showing the current account recorded a EUR 38 billion surplus in January 2026, up from EUR 13 billion in the previous month. Over the 12 months to January 2026, the current account surplus totalled EUR 261 billion, or 1.6% of euro area GDP, down from EUR 377 billion, or 2.5%, one year earlier. The release also publishes, for the first time, balance of payments time series for the enlarged euro area following Bulgaria’s adoption of the euro on 1 January 2026, and recalculates quarterly international investment position statistics from the first quarter of 2013. In January 2026, surpluses were recorded for goods (EUR 33 billion), services (EUR 16 billion) and primary income (EUR 4 billion), partly offset by a deficit for secondary income (EUR 15 billion). The decline in the 12-month current account surplus was mainly driven by primary income switching from a EUR 27 billion surplus to a EUR 56 billion deficit, alongside a lower services surplus and a larger secondary income deficit, partly offset by a higher goods surplus. In the financial account over the 12 months to January 2026, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled EUR 786 billion, while non-residents’ net acquisitions of euro area portfolio investment securities totalled EUR 914 billion; direct investment outflows to non-euro area assets were EUR 151 billion and non-residents disinvested EUR 10 billion from euro area assets. The Eurosystem’s stock of reserve assets rose to EUR 1,987.1 billion in January 2026 from EUR 1,774.9 billion in the previous month, mainly reflecting positive price changes attributed to higher gold prices. The revisions to data since January 2013 reflect the inclusion of Bulgaria in the euro area aggregates and did not significantly change previously published figures. The next releases are scheduled for 9 April 2026 for quarterly balance of payments data up to the fourth quarter of 2025 and 17 April 2026 for monthly balance of payments data up to February 2026.
European Central Bank 2026-03-20
European Central Bank reports euro area current account surplus of EUR 38 billion in January 2026 and revises external statistics to include Bulgaria
The European Central Bank reported a EUR 38 billion current account surplus for the euro area in January 2026, up from EUR 13 billion in December 2025. Over the 12 months to January 2026, the surplus was EUR 261 billion, or 1.6% of GDP, down from EUR 377 billion, or 2.5%, a year earlier. The report includes updated statistics reflecting Bulgaria's adoption of the euro and recalculated data from 2013.