Italy Current Account Deficit Narrows Sharply

Italy's current account deficit narrowed sharply to EUR 1.8 billion in January 2026, from EUR 4.2 billion in the same month of the previous year. The goods account surplus widened significantly to EUR 1.2 billion from EUR 0.2 billion in January 2025, while the services deficit marginally decreased to EUR 0.9 billion from EUR 1.1 billion. Additionally, the primary income surplus slightly rose to EUR 0.5 billion in January 2026 from EUR 0.1 billion a year earlier, and the secondary income deficit fell to EUR 2.6 billion from EUR 3.4 billion.

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.