Eurozone Current Account Surplus Widens Slightly

The euro area’s current account surplus narrowed significantly to €34.6 billion in December 2025, down from €45.9 billion in the same month a year earlier. The goods surplus declined to €26.2 billion from €29.3 billion in December 2024, with imports surging 6.9% and exports rising at slower 4.6%. The primary income surplus saw a more pronounced drop, falling to €15.2 billion from €23.6 billion. Meanwhile, the services surplus also moderated, easing to €9.7 billion from €13.2 billion a year earlier. Partly offsetting these declines, the secondary income deficit narrowed to €16.5 billion, compared with €20.1 billion in the same month last year. For 2025 as a whole, the eurozone’s current account surplus shrank markedly to €261.4 billion, down from €412.3 billion in 2024. On a seasonally and working day-adjusted, the current account surplus dropped to €255 billion, or 1.6% of GDP, compared with a surplus of €407 billion, or 2.7%, in 2024.

The eurozone’s current account surplus narrowed to €12.6 billion in November 2025, down sharply from €27.1 billion a year earlier, reflecting weaker trade and income balances. The goods surplus fell to €27.1 billion from €33.0 billion, as exports declined by 2.8% while imports edged down by a more modest 0.4%. The services surplus also contracted, easing to €4.4 billion from €6.0 billion. Meanwhile, the primary income account swung into a €3.4 billion deficit, reversing a €4.9 billion surplus recorded in the same period last year. Partially offsetting these pressures, the secondary income deficit narrowed to €15.5 billion from €16.8 billion. From January to November 2025, the eurozone’s current account surplus narrowed to €226.2 billion, down significantly from €366.4 billion over the same period in 2024.

The Eurozone current account surplus rose slightly to €32 billion in October 2025 from €29.5 billion in the same month a year earlier, as the goods surplus went up to EUR 36 billion from EUR 27.9 billion. Meanwhile, the services surplus narrowed to EUR 8.2 billion from EUR 11.5 billion in October 2024 and the primary income surplus shrank to EUR 2.8 billion from EUR 5.8 billion. The secondary income deficit was little changed at EUR 15 billion. On a seasonally adjusted basis, the current account surplus widened to EUR 25.7 billion in October from EUR 23.1 billion in the previous month, overshooting market expectations of EUR 19.6 billion.