The European Central Bank published updated balance of payments statistics showing the euro area’s current account surplus widened to EUR 426 billion (2.8% of GDP) in 2024 from EUR 243 billion (1.7% of GDP) in 2023. The international investment position (IIP) showed net external assets of EUR 1.66 trillion (10.9% of GDP) at the end of 2024. By geographical counterpart, the euro area recorded its largest bilateral current account surpluses vis-à-vis the United Kingdom (EUR 197 billion) and Switzerland (EUR 76 billion), and its largest deficit vis-à-vis China (EUR 105 billion); the balance vis-à-vis the United States moved to a small surplus of EUR 3 billion after a EUR 30 billion deficit in 2023. The wider 2024 current account surplus reflected larger surpluses in goods (EUR 372 billion), services (EUR 169 billion) and primary income (EUR 54 billion), while the secondary income deficit was broadly stable (EUR 168 billion). The goods improvement was mainly linked to a smaller energy deficit (EUR 260 billion), alongside larger surpluses in chemicals and machinery and manufactured products. In services, higher surpluses in telecommunication, computer and information services and travel, and a smaller deficit in other business services, were partly offset by a larger deficit in charges for the use of intellectual property. The end-2024 increase in the net IIP from the previous quarter (EUR 1.25 trillion) was mainly driven by higher net assets in portfolio debt, direct investment and reserve assets, with exchange rate changes identified as the main driver in the fourth quarter; gross external debt stood at EUR 16.70 trillion (110% of GDP). The accompanying euro area–United States section notes that the euro area’s persistent goods surplus vis-à-vis the United States rose to EUR 213 billion in 2024, while the services deficit reached EUR 156 billion, with the longer-term widening linked to a larger deficit in charges for the use of intellectual property (EUR 168 billion in 2024), and the bilateral net investment position vis-à-vis the United States increased to 26% of euro area GDP at end-2024 from 18% a year earlier. The release incorporates revisions covering the first quarter of 2021 to the third quarter of 2024, reflecting revised national contributions based on newly available information. The next releases are scheduled for 16 April 2025 (monthly balance of payments, data up to February 2025) and 3 July 2025 (quarterly balance of payments and IIP, data up to the first quarter of 2025).

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