Euro area monthly balance of payments: June 2025

19 August 2025

• Current account recorded €36 billion surplus in June 2025, up from €32 billion in previous month
• Current account surplus amounted to €318 billion (2.0% of euro area GDP) in the 12 months to June 2025, down from €386 billion (2.6%) one year earlier
• In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €814 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €749 billion in the 12 months to June 2025

Chart 1

Euro area current account balance

(EUR billions unless otherwise indicated; working day and seasonally adjusted data)

The current account of the euro area recorded a surplus of €36 billion in June 2025, an increase of €4 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€23 billion), services (€16 billion) and primary income (€14 billion). These were partly offset by a deficit for secondary income (€17 billion).

Table 1

Current account of the euro area

In the 12 months to June 2025, the current account recorded a surplus of €318 billion (2.0% of euro area GDP), down from €386 billion (2.6% of euro area GDP) one year earlier. This decrease was mainly driven by a switch from a surplus (€43 billion) to a deficit (€7 billion) for primary income, but also by a larger deficit for secondary income (up from €168 billion to €186 billion) and a reduction in the surplus for services (down from €158 billion to €144 billion). These developments were partly offset by a larger surplus for goods (up from €354 billion to €367 billion).

Chart 2

Selected items of the euro area financial account

(EUR billions; 12-month cumulated data)

In direct investment, euro area residents made net investments of €261 billion in non-euro area assets in the 12 months to June 2025, following net disinvestments of €230 billion one year earlier (Chart 2 and Table 2). Non-residents invested €184 billion in net terms in euro area assets in the 12 months to June 2025, following net disinvestments of €374 billion one year earlier.

In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €235 billion in the 12 months to June 2025, up from €103 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €579 billion, up from €428 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €391 billion in the 12 months to June 2025, up from €285 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €358 billion, down from €402 billion one year earlier.

Table 2

Financial account of the euro area

In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €636 billion in the 12 months to June 2025 (following net acquisitions of €205 billion one year earlier), while their net incurrence of liabilities was €360 billion (following net disposals of €181 billion one year earlier).

Chart 3

Monetary presentation of the balance of payments

(EUR billions; 12-month cumulated data)

The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €383 billion in the 12 months to June 2025. This increase was mainly driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in other investment, and portfolio investment debt and equity. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.

In June 2025 the Eurosystem’s stock of reserve assets decreased to €1,462.1 billion down from €1,507.7 billion in the previous month (Table 3). This decrease was mainly driven by negative price changes (€34.0 billion), due to a decrease in the price of gold, and, to a lesser extent, by negative exchange rate changes (€13.0 billion). These developments were partly offset by net acquisitions of assets (€1.4 billion).

Table 3

Reserve assets of the euro area

Data revisions

This press release incorporates revisions to the data for April 2025 and May 2025. These revisions did not significantly alter the figures previously published.

Next releases:

• Monthly balance of payments: 18 September 2025 (reference data up to July 2025)
• Quarterly balance of payments: 07 October 2025 (reference data up to the second quarter of 2025)

For media queries, please contact Benoît Deeg, tel.: +49 172 1683704.

Notes

• Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
• Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.