European Central Bank reports euro area current account surplus narrowing to EUR 9 billion in August

The European Central Bank reported a euro area current account surplus of EUR 9 billion in August 2026, down from EUR 27 billion in July. The surplus for the 12 months to August narrowed to EUR 250 billion, or 1.5% of gross domestic product, from EUR 290 billion, or 1.8%, a year earlier, mainly reflecting a smaller goods surplus and a larger secondary income deficit. August’s seasonally and working day adjusted balance comprised surpluses of EUR 18 billion in goods and EUR 13 billion in services, partly offset by deficits of EUR 18 billion in secondary income and EUR 4 billion in primary income. Over the 12 months to August, the goods surplus fell to EUR 290 billion from EUR 320 billion a year earlier, while the secondary income deficit widened to EUR 207 billion from EUR 179 billion. Higher services and primary income surpluses partly offset those changes. In the financial account, non-residents’ net purchases of euro area portfolio securities reached EUR 1,105 billion over the 12 months to August, with purchases of debt securities rising to EUR 659 billion from EUR 412 billion a year earlier. Euro area residents’ net purchases of foreign portfolio securities totalled EUR 798 billion, with both equity and debt purchases declining. Direct investment abroad rose to EUR 424 billion from EUR 211 billion, while inward direct investment fell to EUR 89 billion from EUR 122 billion. Separately, Eurosystem reserve assets increased to EUR 1,858.8 billion in August from EUR 1,752.5 billion in July, mainly because of higher monetary gold prices.