The European Central Bank published euro area balance of payments data showing the current account recorded a surplus of EUR 12 billion in August 2025, down from EUR 30 billion in the previous month. Over the 12 months to August 2025, the current account surplus fell to EUR 303 billion (2.0% of euro area GDP) from EUR 404 billion (2.7%) a year earlier. In August 2025, surpluses were recorded for goods (EUR 15 billion) and services (EUR 14 billion), while deficits were recorded for secondary income (EUR 16 billion) and primary income (EUR 1 billion). The decline in the 12-month surplus was attributed to deterioration across all components, including a switch in primary income from a EUR 41 billion surplus to a EUR 11 billion deficit. In the financial account over the 12 months to August 2025, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled EUR 848 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled EUR 745 billion; direct investment shifted to net investments by both residents (EUR 123 billion) and non-residents (EUR 57 billion) after net disinvestments a year earlier. The Eurosystem’s stock of reserve assets rose to EUR 1,507.8 billion in August 2025 from EUR 1,499 billion, driven mainly by positive price changes (notably gold). The release incorporated revisions to July 2025 data, which the ECB said did not significantly alter previously published figures. The ECB scheduled the next monthly balance of payments release for 19 November 2025 and the next quarterly release for 13 January 2026, and noted a separate 28 October 2025 update to quarterly balance of payments and international investment position data with revisions back to the first quarter of 2013, without an accompanying press or statistical release.
European Central Bank 2025-10-20
European Central Bank reports euro area current account surplus narrowed to EUR 12 billion in August 2025 and EUR 303 billion over 12 months
The European Central Bank reported a euro area current account surplus of EUR 12 billion in August 2025, down from EUR 30 billion in July. Over the 12 months to August 2025, the surplus decreased to EUR 303 billion (2.0% of GDP) from EUR 404 billion (2.7%) the previous year, with declines across all components. The financial account showed net acquisitions of non-euro area portfolio investment securities by residents at EUR 848 billion and by non-residents at EUR 745 billion, while the Eurosystem's reserve assets rose to EUR 1,507.8 billion.