The European Central Bank reported that the euro area’s current account surplus fell to EUR 265 billion, or 1.6% of gross domestic product, in the four quarters to the second quarter of 2026, from EUR 304 billion, or 1.9%, a year earlier. The decline mainly reflected a smaller goods surplus and a wider secondary income deficit, partly offset by higher primary income, while the services surplus remained stable. The goods surplus decreased to EUR 288 billion as surpluses in chemical products and machinery and manufactured products narrowed. Geographically, the euro area recorded its largest bilateral surplus with the United Kingdom at EUR 252 billion and its largest deficit with China at EUR 184 billion. The deficit with the United States more than doubled to EUR 119 billion, reflecting a lower goods surplus and a wider services deficit. The euro area’s net international investment position increased by EUR 59 billion during the second quarter to net assets of EUR 1.94 trillion, or 12.0% of GDP, mainly because of higher direct investment assets and lower other investment liabilities. Gross external debt rose by EUR 598 billion to EUR 18.05 trillion, or 111% of GDP. A second data release on Oct. 28 will incorporate revisions extending back to the first quarter of 2013.
European Central Bank reports euro area current account surplus narrowed to EUR 265 billion, net external assets rose to EUR 1.94 trillion
The European Central Bank reported that the euro area current account surplus narrowed to EUR 265 billion, or 1.6% of GDP, in the four quarters to the second quarter of 2026. Net international investment assets rose to EUR 1.94 trillion, while gross external debt increased to EUR 18.05 trillion.