The European Central Bank published euro area balance of payments and international investment position statistics showing the current account surplus declined to EUR 276 billion (1.7% of GDP) in 2025 from EUR 416 billion (2.7% of GDP) in 2024, while the net international investment position stood at net assets of EUR 1.76 trillion (11.0% of GDP) at end-2025. The fall in the current account surplus was mainly driven by primary income shifting from a EUR 54 billion surplus to a EUR 44 billion deficit, alongside a smaller services surplus (EUR 144 billion from EUR 186 billion) and a wider secondary income deficit (EUR 186 billion from EUR 169 billion), partly offset by a larger goods surplus (EUR 362 billion from EUR 345 billion) supported by a smaller energy deficit and a larger chemicals surplus. The largest bilateral current account surplus was vis-à-vis the United Kingdom (EUR 229 billion) and the largest deficit vis-à-vis China (EUR 155 billion), while the balance vis-à-vis the United States moved to a EUR 57 billion deficit from a EUR 14 billion surplus. Net foreign assets increased by EUR 166 billion from the previous quarter, mainly reflecting higher net direct investment and reserve assets, partly offset by higher net portfolio equity liabilities, and gross external debt was EUR 17.00 trillion (107% of GDP) at end-Q4 2025. The release incorporates revisions for reference periods from Q1 2022 to Q3 2025 and introduces, for the first time, euro area balance of payments and international investment position data in the current euro area composition (including Bulgaria) for Q1 1999 to Q4 2012. The next monthly balance of payments release is scheduled for 17 April 2026, with the next quarterly balance of payments and international investment position release due on 3 July 2026.
European Central Bank 2026-04-09
European Central Bank reports euro area current account surplus fell to EUR 276 billion in 2025 and net foreign assets rose to EUR 1.76 trillion
The European Central Bank reported euro area balance of payments and international investment position statistics showing the current account surplus fell to EUR 276 billion (1.7% of GDP) in 2025 from EUR 416 billion (2.7% of GDP) in 2024, while the net international investment position stood at net assets of EUR 1.76 trillion (11.0% of GDP). The decline was driven mainly by a swing in primary income from surplus to deficit, a smaller services surplus and a wider secondary income deficit, partly offset by a larger goods surplus, while net foreign assets increased by EUR 166 billion and gross external debt reached EUR 17.00 trillion (107% of GDP) at end-2025.