Luxembourg Current Account Surplus Widens in Q1

Luxembourg’s current account surplus narrowed to €1,802 million in the third quarter of 2025, down from €4,468 million in the same period last year. The goods surplus fell to €59 million from €535 million, while the services surplus declined to €7,169 million from €8,006 million. The secondary income surplus also dropped to €84 million from €186 million, and the primary income deficit widened to €5,511 million from €4,259 million. For the first three quarters of 2025, the current account surplus contracted to €5,913 million, compared with €6,845 million in the same period of 2024.

Luxembourg recorded a current account surplus of EUR 725 million in the second quarter of 2025, widening from EUR 513 million in the corresponding period of the previous year. This marked the second consecutive period of surplus, driven by expansions seen in the goods account surplus, which grew to EUR 516 million from EUR 277 million a year ago, as well as the secondary income surplus, rising to EUR 241 million from EUR 146 million. Additionally, the primary income deficit narrowed to EUR 6,810 million from EUR 8,321 million. Meanwhile, the services account surplus contracted sharply to EUR 6,779 million from EUR 8,412 million last year.

Luxembourg’s current account surplus widened to EUR 883 million in the first quarter of 2025 from EUR 567 million in the corresponding period of the previous year. This marked the fourth consecutive period of surplus, driven by the services account surplus, which grew to EUR 8,248 million from EUR 6,975 million a year earlier. Additionally, the goods account deficit narrowed to EUR 184 million from EUR 266 million, as well as the secondary income shortfall to EUR 716 million from EUR 900 million. Meanwhile, the primary income gap increased to EUR 6,465 million from EUR 5,241 million last year.