The European Central Bank published euro area balance of payments data showing the current account surplus increased to EUR 38 billion in December 2024 from EUR 25 billion in November. For 2024, the current account surplus rose to EUR 419 billion (2.8% of euro area GDP), up from EUR 241 billion (1.6%) in 2023. The December surplus reflected surpluses in goods (EUR 33 billion), services (EUR 18 billion) and primary income (EUR 4 billion), partly offset by a secondary income deficit (EUR 17 billion). The year-on-year increase in the 2024 surplus was mainly driven by a larger goods surplus (EUR 390 billion versus EUR 256 billion in 2023) and services surplus (EUR 162 billion versus EUR 123 billion), while the secondary income deficit narrowed slightly (EUR 165 billion versus EUR 170 billion) and the primary income surplus was unchanged (EUR 32 billion). In the financial account, euro area residents’ net acquisitions of non-euro area portfolio securities totalled EUR 664 billion and non-residents’ net acquisitions of euro area portfolio securities totalled EUR 811 billion in 2024, while direct investment shifted to residents’ net outward investment of EUR 74 billion and non-residents’ net disinvestment from euro area assets of EUR 102 billion. The monetary presentation showed monetary financial institutions (MFIs) net external assets (enhanced) increased by EUR 553 billion in 2024, mainly driven by the current and capital accounts surplus and, to a lesser extent, by non-MFI net inflows in portfolio investment debt and equity, partly offset by non-MFI net outflows in direct investment. The Eurosystem’s stock of reserve assets rose to EUR 1,394.0 billion at end-December 2024 from EUR 1,391.7 billion, reflecting positive exchange rate changes (EUR 4.0 billion) and net acquisitions (EUR 2.7 billion) partly offset by negative price changes (EUR 4.3 billion); the ECB also incorporated revisions to October and November 2024 data without materially changing previously published figures. The next monthly balance of payments release is scheduled for 21 March 2025 and the next quarterly release for 4 April 2025.
European Central Bank 2025-02-19
European Central Bank reports euro area current account surplus rose to EUR 419 billion in 2024
The European Central Bank reported an increase in the euro area current account surplus to EUR 38 billion in December 2024, contributing to a total surplus of EUR 419 billion for the year, up from EUR 241 billion in 2023. This rise was driven by larger surpluses in goods and services, while the financial account saw significant net acquisitions of portfolio securities by residents and non-residents. Additionally, the Eurosystem's reserve assets increased slightly due to positive exchange rate changes and net acquisitions.