Eurozone Current Account Surplus Shrinks in April

The Eurozone recorded a current account deficit of €6.19 billion in May 2026, narrowing slightly from a €6.57 billion shortfall a year earlier. The improvement was driven by a sharp reduction in the primary income deficit to €22.44 billion from a record €42.35 billion in May 2025. Meanwhile, the secondary income deficit widened to €13.19 billion from €10.84 billion. The goods surplus narrowed to €9.45 billion, its smallest since April 2023, while the services surplus increased to €19.99 billion from €16.42 billion. For the January–May period, the current account surplus rose to €67.5 billion from €64.37 billion a year earlier.

The Eurozone’s current account surplus fell to €14.88 billion in April 2026, down from €20.84 billion a year earlier, driven by a drop in the goods surplus to €14.25 billion, the lowest since April 2023, compared to €25.79 billion in April 2025. Meanwhile, the services surplus grew to €15.55 billion from €11.07 billion, the primary income deficit narrowed to €1.04 billion from €1.91 billion, and the secondary income gap decreased slightly to €13.88 billion from €14.10 billion. Over the first four months of 2026, the current account surplus totaled €75.86 billion, down from €81.64 billion in the same period of 2025.

The Eurozone’s current account surplus shrank to €24.1 billion in March 2026 from €38 billion a year earlier, mainly due to a sharp decline in the goods surplus to €24.2 billion from €49.8 billion, likely reflecting higher energy costs. Meanwhile, the services surplus widened to €12.1 billion from €7.6 billion, and the primary income balance shifted to a surplus of €5 billion from a deficit of €3.9 billion a year ago. The secondary income shortfall rose to €17.3 billion from €15.5 billion. The seasonally adjusted current account surplus narrowed to €14.9 billion in March from an upwardly revised €25.6 billion in the preceding month.