EU current account surplus €86.7 bn

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€44.2 bn surplus for trade in services

Overview

In the fourth quarter of 2025, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €86.7 billion (+1.8% of GDP), compared with a surplus of €65.4 billion (+1.4% of GDP) in the third quarter of 2025 and a surplus of €98.2 billion (+2.1% of GDP) in the fourth quarter of 2024, according to estimates released by Eurostat, the statistical office of the European Union.

EU current and capital accounts

In the fourth quarter of 2025 compared with the third quarter of 2025, based on seasonally adjusted data

  • the surplus of the goods account decreased (+€89.1 bn compared to +€95.3 bn),

  • the surplus of the services account increased (+€44.2 bn compared to +€20.5 bn),

  • the deficit of the primary income account decreased (-€18.0 bn compared to -€19.7 bn) and

  • the deficit of the secondary income account decreased (-€28.6 bn compared to -€30.6 bn).

In addition, during the same period, the deficit of the capital account increased (-€5.9 bn compared to -€0.6 bn).

Current account balance

EU current and capital accounts
– calendar and seasonally adjusted (bn euro) –

Current account

Goods

Services

Primary income

Secondary income

Current account as
% of GDP

Capital account

Q4 2024

Credit

1422.5 649.9 390.6 338.7 43.4 31.1% 19.9

Debit

1324.3 566.4 345.1 340.7 72.2 28.9% 22.7

Balance

98.2 83.6 45.5 -2.0 -28.8 2.1% -2.9

Q1 2025

Credit

1493.3 698.9 407.4 344.3 42.6 32.2% 21.9

Debit

1373.1 583.7 362.0 357.2 70.1 29.6% 19.0

Balance

120.1 115.3 45.4 -12.9 -27.5 2.6% 2.9

Q2 2025

Credit

1426.3 657.7 394.0 332.3 42.3 30.5% 8.3

Debit

1342.0 571.2 355.7 344.1 71.0 28.7% 27.1

Balance

84.3 86.5 38.3 -11.7 -28.7 1.8% -18.7

Q3 2025

Credit

1402.4 661.1 381.0 319.0 41.3 29.7% 16.2

Debit

1337.0 565.8 360.5 338.7 71.9 28.3% 16.8

Balance

65.4 95.3 20.5 -19.7 -30.6 1.4% -0.6

Q4 2025

Credit

1422.9 654.1 401.6 323.4 43.8 29.8% 16.6

Debit

1336.2 565.0 357.3 341.5 72.4 27.9% 22.5

Balance

86.7 89.1 44.2 -18.0 -28.6 1.8% -5.9

Source: Eurostat ( dataset: bop_eu6_q )

Euro area current account
– calendar and seasonally adjusted (bn euro) –

2024

2025

Q4

Q1

Q2

Q3

Q4

Current account balance

78.1 74.9 80.6 52.3 61.8

Balance of trade in goods

74.2 109.8 86.0 90.8 76.0

Balance of trade in services

50.3 30.7 37.5 28.8 45.9

Balance of primary income

4.9 -23.6 3.8 -18.7 -8.4

Balance of secondary income

-51.3 -42.0 -46.7 -48.7 -51.7

Current account balance as % of GDP

2.0% 1.9% 2.0% 1.3% 1.5%

Source: ECB

EU main partners

In the fourth quarter of 2025, based on non-seasonally adjusted data, the EU recorded current account surpluses with the United Kingdom (+€63.3 bn), Switzerland (+€22.9 bn), offshore financial centres (+€21.0 bn), Canada (+€11.3 bn), Brazil (+€11.2 bn), Hong Kong (+€8.1 bn), Japan (+€7.6 bn), Russia (+€3.1 bn) and India (+€0.6 bn). Deficits were registered with China (-€54.2 bn) and the USA (-€14.6 bn).

EU financial account

Based on non-seasonally adjusted data, in the fourth quarter of 2025

  • direct investment assets of the EU increased by €85.2 bn and

  • direct investment liabilities increased by €32.6 bn.

As a result, the EU was a net direct investor to the rest of the world with net outflows of €52.6 bn.

At the same time,

  • portfolio investment recorded a net inflow of €173.5 bn, and

  • other investment recorded a net inflow of €6.1 bn.

EU financial account
– neither calendar nor seasonally adjusted (bn euro) –

2024

2025

Q4

Q1

Q2

Q3

Q4

Net financial account

66.8 125.1 65.6 66.2 -133.9

Net acquisition of assets

21.0 771.9 319.6 340.0 227.3

Net incurrence of liabilities

-45.7 646.8 254.1 273.7 361.3

Net direct investment

-11.8 93.2 26.2 19.7 52.6

Net acquisition of assets

32.0 154.2 -11.6 49.2 85.2

Net incurrence of liabilities

43.8 61.0 -37.8 29.6 32.6

Net portfolio investment

61.4 -32.7 1.1 78.6 -173.5

Net acquisition of assets

206.9 146.6 196.9 272.5 118.4

Net incurrence of liabilities

145.5 179.3 195.9 193.9 291.9

Net other investment

-7.0 60.9 36.6 -41.3 -6.1

Net acquisition of assets

-242.1 467.4 132.6 9.0 30.6

Net incurrence of liabilities

-235.1 406.5 96.0 50.2 36.8

Net financial derivatives and employee stock options

11.1 0.7 -11.0 -11.4 -22.4

Reserve assets

13.1 3.0 12.7 20.6 15.5

Source: Eurostat (dataset: bop_eu6_q )

Current account of Member States (including intra-EU flows)

As concerns the total (intra-EU plus extra-EU) current account balances of the EU Member States, based on available non-seasonally adjusted data, seventeen Member States recorded surpluses, nine recorded deficits and one Member State had its current account in balance in the fourth quarter of 2025. The highest surpluses were observed in Germany (+€51.3 bn), the Netherlands (+€34.5 bn), France (+€21.8 bn), Denmark (+€15.2 bn), Ireland (+€12.8 bn), Spain (+€10.3 bn) and Sweden (+€7.1 bn). The largest deficits were recorded for Romania (-€8.3 bn), Greece (-€7.0 bn), Belgium (-€3.9 bn) and Bulgaria (-€3.8 bn).

Tables

EU current account, breakdown by main partner countries
– neither calendar nor seasonally adjusted (bn euro) –

Partner

Period

Credit

Debit

Balance

Total

Q4 2024 1467.6 1352.2 115.3
Q4 2025 1459.5 1355.2 104.3

United Kingdom

Q4 2024 235.7 180.4 55.3
Q4 2025 235.2 171.9 63.3

USA

Q4 2024 344.6 324.3 20.3
Q4 2025 325.0 339.6 -14.6

Switzerland

Q4 2024 119.1 93.9 25.2
Q4 2025 125.2 102.3 22.9

China*

Q4 2024 88.3 137.8 -49.5
Q4 2025 86.1 140.3 -54.2

Russia

Q4 2024 13.3 14.1 -0.8
Q4 2025 13.4 10.3 3.1

Japan

Q4 2024 39.1 30.9 8.2
Q4 2025 39.1 31.6 7.6

Canada

Q4 2024 29.8 16.4 13.4
Q4 2025 28.7 17.4 11.3

Hong Kong

Q4 2024 21.7 13.0 8.7
Q4 2025 22.4 14.3 8.1

India

Q4 2024 24.0 25.2 -1.2
Q4 2025 25.5 24.9 0.6

Brazil

Q4 2024 24.9 16.4 8.5
Q4 2025 25.5 14.4 11.2

Offshore financial centres

Q4 2024 109.1 85.9 23.2
Q4 2025 99.3 78.3 21.0

Other countries

Q4 2024 439.8 427.0 12.8
Q4 2025 456.5 424.3 32.2

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q )

EU goods account, breakdown by main partner countries
– neither calendar nor seasonally adjusted (bn euro) –

Partner

Period

Credit

Debit

Balance

Total

Q4 2024 668.4 575.0 93.4
Q4 2025 672.1 573.5 98.6

United Kingdom

Q4 2024 90.1 45.7 44.3
Q4 2025 89.7 42.0 47.6

USA

Q4 2024 138.7 70.2 68.5
Q4 2025 128.2 70.3 58.0

Switzerland

Q4 2024 39.1 35.9 3.2
Q4 2025 43.6 38.7 4.8

China*

Q4 2024 58.4 120.2 -61.8
Q4 2025 58.6 123.0 -64.4

Russia

Q4 2024 8.1 9.1 -1.0
Q4 2025 8.4 6.1 2.3

Japan

Q4 2024 18.3 14.1 4.3
Q4 2025 16.5 13.8 2.8

Canada

Q4 2024 13.3 6.3 7.0
Q4 2025 13.1 7.4 5.8

Hong Kong

Q4 2024 8.6 4.7 3.9
Q4 2025 8.7 5.7 3.1

India

Q4 2024 12.6 14.1 -1.5
Q4 2025 13.5 13.7 -0.2

Brazil

Q4 2024 9.1 10.9 -1.9
Q4 2025 8.8 9.6 -0.8

Offshore financial centres

Q4 2024 22.8 14.1 8.7
Q4 2025 21.7 16.4 5.3

Other countries

Q4 2024 257.9 234.4 23.5
Q4 2025 270.1 232.6 37.4

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q )

EU services account, breakdown by main partner countries
– neither calendar nor seasonally adjusted (bn euro) –

Partner

Period

Credit

Debit

Balance

Total

Q4 2024 404.4 370.6 33.9
Q4 2025 409.8 376.6 33.1

United Kingdom

Q4 2024 71.8 63.6 8.1
Q4 2025 77.6 65.7 11.9

USA

Q4 2024 93.6 135.8 -42.2
Q4 2025 90.1 139.4 -49.3

Switzerland

Q4 2024 43.5 25.3 18.1
Q4 2025 44.4 25.9 18.5

China*

Q4 2024 18.6 13.3 5.4
Q4 2025 17.4 12.5 4.9

Russia

Q4 2024 1.6 1.1 0.5
Q4 2025 1.5 1.1 0.3

Japan

Q4 2024 11.5 5.7 5.8
Q4 2025 12.2 6.2 6.0

Canada

Q4 2024 7.3 5.1 2.2
Q4 2025 7.0 4.9 2.1

Hong Kong

Q4 2024 9.5 4.1 5.4
Q4 2025 9.3 4.1 5.2

India

Q4 2024 7.8 9.8 -2.0
Q4 2025 8.0 9.8 -1.8

Brazil

Q4 2024 6.0 2.6 3.4
Q4 2025 6.0 2.8 3.2

Offshore financial centres

Q4 2024 29.7 29.8 0.0
Q4 2025 30.0 26.8 3.2

Other countries

Q4 2024 112.8 78.3 34.5
Q4 2025 115.6 81.5 34.1

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q )

EU direct investment, breakdown by main partner countries
– neither calendar nor seasonally adjusted (bn euro) –

Partner

Period

Net acquisition of
Assets

Net incurrence of
Liabilities

Net

Total

Q4 2024 32.0 43.8 -11.8
Q4 2025 85.2 32.6 52.6

United Kingdom

Q4 2024 -26.4 -13.8 -12.7
Q4 2025 -5.4 4.0 -9.4

USA

Q4 2024 26.9 46.2 -19.2
Q4 2025 38.8 80.4 -41.6

Switzerland

Q4 2024 15.3 23.8 -8.4
Q4 2025 10.9 -38.5 49.4

China*

Q4 2024 -6.4 2.9 -9.3
Q4 2025 4.7 4.1 0.6

Russia

Q4 2024 -9.2 -2.7 -6.5
Q4 2025 2.5 -10.2 12.7

Japan

Q4 2024 2.7 8.7 -6.0
Q4 2025 -1.0 0.9 -1.9

Canada

Q4 2024 -14.4 0.3 -14.7
Q4 2025 0.6 0.2 0.5

Hong Kong

Q4 2024 -5.5 -37.8 32.3
Q4 2025 -10.7 -4.2 -6.5

India

Q4 2024 2.9 1.3 1.6
Q4 2025 8.9 0.6 8.3

Brazil

Q4 2024 2.2 1.4 0.8
Q4 2025 10.2 -2.0 12.1

Offshore financial centres

Q4 2024 23.9 -51.9 75.7
Q4 2025 8.9 -16.1 25.0

Other countries

Q4 2024 14.5 27.6 -13.1
Q4 2025 6.3 9.2 -3.0

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q )

Current accounts balances – national data (intra-EU + extra-EU)
– neither calendar nor seasonally adjusted (bn euro) –

2024

2025

Countries

Q4

Q1

Q2

Q3

Q4

Belgium

0.3 -0.9 -5.8 -1.7 -3.9

Bulgaria

-1.6 -1.0 -0.7 -1.1 -3.8

Czechia

1.6 4.5 -2.2 -0.4 0.6

Denmark

12.7 8.3 13.0 14.6 15.2

Germany

55.7 65.3 41.8 44.3 51.3

Estonia

0.1 -0.2 0.1 -0.2 0.2

Ireland

18.2 5.8 19.5 13.9 12.8

Greece

-7.7 -5.0 -3.5 1.4 -7.0

Spain

9.2 9.9 14.2 15.0 10.3

France

15.3 -12.1 -11.1 -7.9 21.8

Croatia

-2.1 -3.3 -1.7 3.9 -2.2

Italy

4.5 -3.1 9.6 13.7 4.8

Cyprus

-1.4 -1.0 -0.4 -0.1 -0.8

Latvia

0.1 -0.3 -0.5 -0.3 -0.4

Lithuania

0.1 0.0 0.1 0.2 0.6

Luxembourg

-0.7 1.7 1.6 1.6 0.0

Hungary

0.6 1.2 1.0 1.1 0.3

Malta

0.1 0.4 0.5 0.6 0.6

Netherlands

34.5 26.4 12.5 19.2 34.5

Austria

1.2 6.6 -0.7 1.0 2.7

Poland

-0.8 -0.7 -1.9 -5.2 -0.1

Portugal

-0.4 0.2 0.1 3.1 0.4

Romania

-8.4 -6.2 -7.4 -8.1 -8.3

Slovenia

0.7 0.4 0.9 0.9 0.2

Slovakia

-2.4 -1.6 -1.1 -1.1 -1.2

Finland

0.7 -1.4 1.0 2.3 1.7

Sweden

8.4 11.3 9.1 8.5 7.1

Iceland

-0.6 -0.5 -0.7 0.2 -0.3

Norway

12.8 23.3 14.9 15.0 13.0

Switzerland

25.1 28.7 12.6 16.9 7.5

Bosnia and Herzegovina

-0.2 -0.5 -0.2 0.0 -0.2

Montenegro

-0.5 -0.5 -0.5 0.0 -0.7

Moldova

: -1.0 -0.9 -0.7 -0.9

North Macedonia

-0.3 -0.3 -0.2 0.1 -0.3

Albania

-0.4 -0.3 -0.3 0.7 -0.3

Serbia

-1.2 -0.7 -1.4 -0.8 -1.5

Türkiye

-6.2 -13.5 -10.4 5.9 -9.6

Kosovo*

-0.5 -0.3 -0.5 0.2 -0.4

* Kosovo, under United Nations Security Council Resolution 1244/99.

: data not available

Source: Eurostat (dataset: bop_c6_q )

Services accounts balances – national data (intra-EU + extra-EU)
– neither calendar nor seasonally adjusted (bn euro) –

2024

2025

Countries

Q4

Q1

Q2

Q3

Q4

Belgium

-1.4 -1.4 -4.9 -4.4 -2.5

Bulgaria

1.9 1.8 2.2 2.6 1.6

Czechia

0.6 1.4 1.0 1.3 0.4

Denmark

-1.6 -0.3 -0.2 1.5 0.9

Germany

-12.1 -13.7 -19.6 -25.3 -14.9

Estonia

0.7 0.7 0.9 0.8 0.8

Ireland

6.9 -0.4 12.4 6.1 8.1

Greece

3.3 0.9 6.5 12.1 3.3

Spain

22.0 23.1 30.2 34.8 25.4

France

13.2 9.8 20.5 11.4 10.3

Croatia

1.7 0.8 3.4 8.9 1.7

Italy

-5.3 -5.0 1.5 2.2 -6.6

Cyprus

2.2 1.5 2.3 2.9 2.5

Latvia

0.7 0.4 0.5 0.6 0.5

Lithuania

2.2 2.1 2.5 2.7 2.7

Luxembourg

7.6 7.3 7.4 7.7 7.9

Hungary

2.4 2.1 2.9 3.8 2.8

Malta

1.4 1.7 2.1 2.2 1.9

Netherlands

12.6 8.8 13.4 9.0 13.6

Austria

1.9 5.4 -0.9 0.1 2.1

Poland

9.4 9.5 10.8 9.9 9.2

Portugal

7.0 6.6 8.2 11.3 7.0

Romania

2.9 3.6 3.0 2.8 3.1

Slovenia

1.0 0.7 1.0 1.2 1.0

Slovakia

0.0 0.1 0.1 0.1 0.0

Finland

-0.6 -1.5 -0.9 -1.5 -0.8

Sweden

-2.1 -2.0 -3.1 -3.1 -2.5

Iceland

0.4 0.1 0.4 1.0 0.3

Norway

-1.8 -1.7 -2.6 -2.5 -2.4

Switzerland

-4.9 -4.4 -2.1 -2.6 -7.2

Bosnia and Herzegovina

0.6 0.4 0.5 0.7 0.6

Montenegro

0.2 0.1 0.4 1.0 0.2

Moldova

: 0.2 0.2 0.2 0.3

North Macedonia

0.1 0.2 0.2 0.3 0.3

Albania

0.9 0.7 0.9 1.9 1.0

Serbia

1.0 0.7 0.5 0.3 0.9

Türkiye

13.0 7.6 13.7 21.5 12.7

Kosovo*

0.3 0.4 0.4 1.1 0.5

* Kosovo, under United Nations Security Council Resolution 1244/99.

: data not available

Source: Eurostat (dataset: bop_c6_q )

Notes for users

Revisions and timetable

The EU balance of payments estimates for the reference quarter are based on figures provided by the Member States to Eurostat 82 days (euro area Member States) or 85 days (non-euro area Member States) after the end of the reference quarter and should be considered as provisional. Figures may be subject to revision when data for later quarters are transmitted by the Member States.

A more limited set of monthly data is available in the Eurostat on-line database approximately 51 days after the end of the reference month. The publication timetable of balance of payments statistics for 2026 is available here.

Methods and definitions

The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and services, as well as primary and secondary income. The capital account comprises capital transfers and the acquisition and disposal of non-produced, non-financial assets. The financial account records transactions that involve financial assets and liabilities, and take place between residents and non-residents and is further subdivided into direct investment, portfolio investment, other investment, financial derivatives and employee stock options and reserve assets. Further details of the statistical concepts and definitions used can be found on the Eurostat website here.

In line with the agreed allocation of responsibility, the European Central Bank (ECB) is in charge of compiling and disseminating monthly and quarterly balance of payments and quarterly international investment position statistics for the euro area, while the European Commission (Eurostat) is responsible for monthly, quarterly and annual aggregates of the EU. The aggregates for the euro area and the EU are compiled consistently on the basis of Member States' transactions with residents of countries outside the euro area and the European Union respectively.

Geographical information

Up to 31 December 2025, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland (EA20). From 1 January 2026, the euro area also includes Bulgaria (EA21).

The aggregate data series for the euro area in this Euro indicator release refer to the official composition of the euro area as from 1 January 2026.

The European Union (EU27) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.

Offshore Financial Centres (OFC) is an aggregate that includes 40 countries. As example, the aggregate contains financial centres such as Liechtenstein, Guernsey, Jersey, the Isle of Man, Andorra, Gibraltar, Panama, Bermuda, the Bahamas, the Cayman Islands, British Virgin Islands, Bahrain, Hong Kong, Singapore and the Philippines.

For more information

  • Website section on balance of payments

  • Metadata on balance of payments statistics

  • Database section on balance of payments

  • Statistics Explained article on balance of payments and Statistics Explained article on the quarterly data

  • ECB statistics on balance of payments data

  • Euro indicators dashboard

  • Release calendar for Euro indicators

  • European Statistics Code of Practice

Get in touch

Media requests

Eurostat Media Support

E-mail: eurostat-mediasupport@ec.europa.eu

Further information on data

Peter POSPISIL

Phone: (+352) 4301 34 324

Matthias LUDWIG

Phone: (+352) 4301 38 380

E-mail: ESTAT-BOP@ec.europa.eu

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Zařazenočt 09.04.2026 11:04:00
ZdrojEurostat - releases
Originálec.europa.eu/eurostat/product?code=2-09042026-bp
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