Luxembourg Q1 Current Account Surplus Narrows

Luxembourg’s current account surplus narrowed to EUR 1,345.4 million in the first quarter of 2026 from EUR 1,664.1 million in the corresponding quarter of the previous year. The goods account surplus shrank by EUR 178.4 million to EUR 481.6 million from EUR 660 million. At the same time, the primary income shortfall grew to EUR 6,424.9 million from EUR 5,569.5 million, driven largely by increases in both the employee income (EUR -3,715.3 million vs EUR -3,614.4 million) and investment income (EUR -2,709.5 million vs EUR -1,955.1 million). Meanwhile, the services account surplus expanded to EUR 7,377.7 million from EUR 7,329.6 million.

Luxembourg’s current account posted a deficit of EUR 47 million in the last quarter of 2025, narrowing sharply from EUR 725 million in the same period last year. The decrease was driven by a bigger surplus recorded by the goods account, which widened to EUR 417 million from EUR 400 million in Q4 2025. Additionally, the services account surplus expanded to EUR 7,851 million from EUR 7,628 million, while the shortfall in the primary income account decreased to EUR 8,327 million from EUR 8,737. Meanwhile, the secondary income account posted a surplus of EUR 12 million, shifting from a deficit of EUR 15 million. For 2025 as a whole, the country’s current account surplus widened to EUR 29,202 million from EUR 28,899 million last year.

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.