Eurozone Current Account Surplus Widens in July

The eurozone current account surplus widened to €36.5 billion in July 2026, up from €29.7 billion a year earlier, driven primarily by stronger goods and services balances. The goods surplus rose to €39.8 billion from €31.8 billion, while the services surplus increased to €19.3 billion from €15.1 billion. Partially offsetting the gains, the primary income deficit widened to €4.4 billion from €2.0 billion, while the secondary income deficit increased to €18.1 billion from €15.2 billion. For the first seven months of the year, the current account surplus reached €151.1 billion, up from €131.6 billion over the same period in 2025.

The Euro Area's current account surplus widened to €46.9 billion in June 2026 from €37.6 billion a year earlier. The primary income surplus, which includes flows such as dividends, wages and direct investment, rose to €15.3 billion from €5 billion. Also, the services surplus rose to €24.1 billion from 22.6 billion. On the other hand, the goods surplus narrowed to €21.5 billion from €23.6 billion and the secondary income deficit increased to €14.1 billion from €13.7 billion. The seasonally adjusted current account surplus increased to €35.1 billion in June from €25.8 billion a month earlier, above market expectations of €22.1 billion.

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.