The Central Bank of Luxembourg (BCL) and STATEC released provisional balance of payments results for the first half of 2025, showing a current account surplus of EUR 2,181 million, down EUR 196 million from the same period in 2024. The improvement in the goods balance was offset by a weaker services surplus, while the financial account showed negative direct investment flows and strong portfolio inflows. The goods surplus rose to EUR 1,251 million (up EUR 429 million), reflecting a 2% increase in exports and a 2% fall in imports, with net exports from international merchanting up EUR 599 million even as the deficit on general merchandise widened. The services balance fell 9.5% to EUR 1,490 million as services exports declined 1.9% and imports rose 0.2%, with a larger contraction in non-financial services exports (-6.9%) than imports (-2.5%) and growth in financial services exports (2.3%) and imports (3.3%) linked to a 7% increase in average investment fund assets managed. In the financial account, direct investment was negative for both assets (-EUR 68.2 billion) and liabilities (-EUR 73.8 billion, mainly intra-group loans), while portfolio flows included net inflows into Luxembourg equities of EUR 141.2 billion and net acquisitions of foreign debt securities of EUR 136.5 billion.
Central Bank of Luxembourg 2025-10-24
Central Bank of Luxembourg and STATEC publish provisional first-half 2025 balance of payments with current account surplus down to EUR 2.18bn
The Central Bank of Luxembourg and STATEC reported a provisional current account surplus of EUR 2,181 million for the first half of 2025, a decrease of EUR 196 million from the same period in 2024. The goods balance improved with a surplus of EUR 1,251 million, while the services balance fell 9.5% to EUR 1,490 million. The financial account showed negative direct investment flows but strong portfolio inflows, including net inflows into Luxembourg equities of EUR 141.2 billion.