The euro area current account recorded a €23 billion surplus in September 2025, up from €22 billion in August. Surpluses were driven by goods (€30 billion) and services (€12 billion), partially offset by deficits in secondary income (€17 billion) and primary income (€3 billion).
Over the 12 months to September 2025, the current account surplus amounted to €306 billion (2.0% of euro area GDP), down from €414 billion (2.7% of GDP) a year earlier. This decline reflects a shift from a surplus of €51 billion to a deficit of €21 billion for primary income, an increased secondary income deficit (€164 billion → €189 billion), and a smaller services surplus (€168 billion → €155 billion). Goods surplus remained relatively stable (€360 billion → €362 billion).
Financial Account Highlights:
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Direct investment: Euro area residents made net investments of €161 billion in non-euro area assets, compared with net disinvestments of €234 billion a year earlier. Non-residents invested €76 billion in euro area assets, following net disinvestments of €470 billion previously.
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Portfolio investment:
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Euro area residents’ net purchases of non-euro area equity: €213 billion (up from €157 billion).
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Non-euro area debt securities purchased by residents: €655 billion (up from €464 billion).
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Non-residents’ net purchases of euro area equity: €410 billion (up from €364 billion).
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Non-residents’ net purchases of euro area debt securities: €320 billion (down from €400 billion).
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Other investment: Euro area residents acquired €377 billion in non-euro area assets (down from €434 billion) and incurred liabilities of €298 billion (up from €24 billion).
Monetary presentation:
Net external assets (enhanced) of euro area monetary financial institutions (MFIs) rose by €244 billion over 12 months, supported by current and capital account surpluses and portfolio/other investment inflows.
Reserve assets:
The Eurosystem’s reserve assets increased to €1,622.2 billion in September, from €1,507.8 billion in August, largely due to gold price increases (€112.7 billion) and net asset acquisitions (€4.6 billion), partly offset by negative exchange rate effects (€2.9 billion).
