Italy Current Account Surplus Widens

Italy posted a current account surplus of €3.1 billion in December 2025, expanding from a €2.5 billion surplus in the corresponding month of the previous year. The goods account surplus increased to €6.0 billion from €5.3 billion last year, and the primary income surplus rose to €1.5 billion from €0.8 billion. These improvements more than offset wider deficits in services (€-2.0 billion vs €-1.3 billion in December 2025) and secondary income (€-2.5 billion vs €-2.3 billion). For the full year of 2025, Italy’s current account surplus widened to €27.4 billion from €23.8 billion in 2024.

Italy’s current account deficit narrowed to €1.3 billion in November 2025 from €2.2 billion in the same month last year. This improvement was largely underpinned by a stronger performance in trade in goods, as the goods account surplus widened to €4.7 billion from €3.4 billion in November 2024. Meanwhile, the services balance remained broadly unchanged, with the deficit holding steady at €2.2 billion. The deficits in both primary and secondary income increased to €3.0 billion and €0.8 billion, respectively, from €2.7 billion and €0.6 billion. Over the January to November period, Italy’s current account surplus rose to €24.5 billion, up from €21.2 billion in the corresponding period of the previous year.

Italy’s current account surplus widened slightly to €3.5 billion in October 2025, from €3.3 billion in the same month a year earlier. The primary income surplus increased markedly to €2.2 billion, from €1.1 billion in October 2024. On the other hand, the goods account surplus fell to €4.1 billion from €4.5 billion, while the services account deficit widened slightly to €1.4 billion from €1.3 billion. Moreover, the secondary income deficit increased to €1.4 billion in October 2025, from €1.1 billion last year. Over the January–October period, Italy’s current account surplus reached €28.9 billion, compared with €25.9 billion in the corresponding period last year.