EU current account surplus €80.2 bn

Overview

In the second quarter of 2026, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €80.2 billion (+1.6% of GDP), compared with a surplus of €98.0 billion (+2.0% of GDP) in the first quarter of 2026 and a surplus of €91.7 billion (+2.0% of GDP) in the second quarter of 2025, according to estimates released by Eurostat, the statistical office of the European Union.

EU current and capital accounts

In the second quarter of 2026 compared with the first quarter of 2026, based on seasonally adjusted data

• the surplus of the goods account decreased (+€62.9 bn compared to +€63.6 bn),

• the surplus of the services account decreased (+€41.7 bn compared to +€48.1 bn),

• the surplus of the primary income account decreased (+€0.8 bn compared to +€15.7 bn) and

• the deficit of the secondary income account decreased (-€25.2 bn compared to -€29.3 bn).

In addition, during the same period, the deficit of the capital account increased (-€16.2 bn compared to -€1.7 bn).

EU current and capital accounts – calendar and seasonally adjusted (bn euro) –
		Current account	Goods	Services	Primary income	Secondary income	Current account as % of GDP	Capital account
Q2 2025	Credit	1432.8	650.5	400.2	337.2	44.9	30.6%	8.8
	Debit	1341.1	570.0	361.7	339.6	69.8	28.6%	29.4
	Balance	91.7	80.5	38.5	-2.4	-24.9	2.0%	-20.7
Q3 2025	Credit	1400.4	649.6	387.4	321.6	41.7	29.6%	16.6
	Debit	1332.3	565.4	367.1	328.2	71.6	28.2%	17.9
	Balance	68.1	84.2	20.4	-6.6	-29.9	1.4%	-1.3
Q4 2025	Credit	1439.2	655.1	408.9	332.9	42.3	30.0%	17.0
	Debit	1340.4	568.5	365.2	335.3	71.4	28.0%	12.1
	Balance	98.7	86.6	43.7	-2.5	-29.1	2.1%	4.8
Q1 2026	Credit	1449.2	651.8	416.7	339.1	41.6	30.1%	23.8
	Debit	1351.1	588.3	368.6	323.4	71.0	28.0%	25.5
	Balance	98.0	63.6	48.1	15.7	-29.3	2.0%	-1.7
Q2 2026	Credit	1523.5	711.8	430.4	336.7	44.7	31.2%	9.7
	Debit	1443.3	648.9	388.6	335.9	70.0	29.6%	25.9
	Balance	80.2	62.9	41.7	0.8	-25.2	1.6%	-16.2
Source: Eurostat (dataset: bop_eu6_q)

Euro area current account – calendar and seasonally adjusted (bn euro) –
	2025			2026
	Q2	Q3	Q4	Q1	Q2
Current account balance	75.0	64.0	65.7	74.1	57.0
Balance of trade in goods	79.6	78.2	74.4	59.8	75.3
Balance of trade in services	34.7	29.3	46.8	38.7	33.6
Balance of primary income	6.1	3.6	-2.0	27.0	-1.5
Balance of secondary income	-45.3	-47.0	-53.5	-51.3	-50.4
Current account balance as % of GDP	1.9%	1.6%	1.6%	1.8%	1.4%
Source: ECB

EU main partners

In the second quarter of 2026, based on non-seasonally adjusted data, the EU recorded current account surpluses with the United Kingdom (+€89.8 bn), Switzerland (+€23.9 bn), Canada (+€12.9 bn), Brazil (+€10.3 bn), Hong Kong (+€9.6 bn), offshore financial centres (+€9.2 bn), Russia (+€1.9 bn), Japan (+€0.8 bn) and India (+€0.4 bn). Deficits were registered with China (-€66.6 bn) and the USA (-€30.3 bn).

EU financial account

Based on non-seasonally adjusted data, in the second quarter of 2026

• direct investment assets of the EU increased by €120.5 bn and

• direct investment liabilities increased by €1.4 bn.

As a result, the EU was a net direct investor to the rest of the world with net outflows of €119.1 bn.

At the same time,

• portfolio investment recorded a net inflow of €200.7 bn, and

• other investment recorded a net outflow of €104.8 bn.

EU financial account – neither calendar nor seasonally adjusted (bn euro) –
	2025			2026
	Q2	Q3	Q4	Q1	Q2
Net financial account	73.5	115.3	72.2	-26.1	96.5
Net acquisition of assets	358.3	390.1	267.8	530.2	676.8
Net incurrence of liabilities	284.8	274.8	195.6	556.3	580.3
Net direct investment	30.6	30.1	162.0	1.2	119.1
Net acquisition of assets	6.2	46.9	149.5	36.3	120.5
Net incurrence of liabilities	-24.4	16.8	-12.5	35.1	1.4
Net portfolio investment	15.0	124.4	-114.1	-83.2	-200.7
Net acquisition of assets	201.6	307.1	63.2	184.1	209.9
Net incurrence of liabilities	186.6	182.8	177.3	267.3	410.6
Net other investment	28.1	-47.4	26.3	56.7	104.8
Net acquisition of assets	150.7	27.8	57.1	310.6	273.1
Net incurrence of liabilities	122.6	75.3	30.8	253.9	168.3
Net financial derivatives and employee stock options	-12.8	-12.7	-17.4	-32.1	60.1
Reserve assets	12.7	21.0	15.5	31.3	13.3
Source: Eurostat (dataset: bop_eu6_q)

Current account of Member States (including intra-EU flows)

As concerns the total (intra-EU plus extra-EU) current account balances of the EU Member States, based on available non-seasonally adjusted data, eleven Member States recorded surpluses and sixteen recorded deficits in the second quarter of 2026. The highest surpluses were observed in Germany (+€45.0 bn), Ireland (+€19.7 bn), the Netherlands (+€16.9 bn), Denmark (+€13.2 bn), Sweden (+€11.6 bn) and Spain (+€8.7 bn). The largest deficits were recorded for Romania (-€7.8 bn), France (-€6.5 bn), Poland (-€6.2 bn) and Greece (-€3.8 bn).

Tables

EU current account, breakdown by main partner countries – neither calendar nor seasonally adjusted (bn euro) –
Partner	Period	Credit	Debit	Balance
Total	Q2 2025	1465.6	1391.5	74.2
	Q2 2026	1557.4	1498.8	58.6
United Kingdom	Q2 2025	247.0	172.4	74.6
	Q2 2026	268.1	178.2	89.8
USA	Q2 2025	334.8	359.8	-25.0
	Q2 2026	351.9	382.2	-30.3
Switzerland	Q2 2025	149.1	105.6	43.5
	Q2 2026	140.6	116.7	23.9
China*	Q2 2025	82.0	131.7	-49.7
	Q2 2026	79.8	146.4	-66.6
Russia	Q2 2025	12.0	11.8	0.2
	Q2 2026	12.4	10.5	1.9
Japan	Q2 2025	36.8	35.9	0.8
	Q2 2026	39.1	38.3	0.8
Canada	Q2 2025	29.2	18.3	10.9
	Q2 2026	32.7	19.8	12.9
Hong Kong	Q2 2025	19.5	12.6	7.0
	Q2 2026	24.8	15.2	9.6
India	Q2 2025	23.1	25.5	-2.4
	Q2 2026	25.6	25.2	0.4
Brazil	Q2 2025	24.7	16.3	8.3
	Q2 2026	29.4	19.2	10.3
Offshore financial centres	Q2 2025	85.7	82.6	3.1
	Q2 2026	103.3	94.1	9.2
Other countries	Q2 2025	441.2	431.4	9.8
	Q2 2026	474.5	468.2	6.3
* Excluding Hong Kong Source: Eurostat (dataset: bop_eu6_q)

EU goods account, breakdown by main partner countries – neither calendar nor seasonally adjusted (bn euro) –
Partner	Period	Credit	Debit	Balance
Total	Q2 2025	652.8	572.8	80.1
	Q2 2026	714.6	652.6	62.0
United Kingdom	Q2 2025	91.4	44.8	46.6
	Q2 2026	103.4	49.6	53.9
USA	Q2 2025	133.1	75.8	57.3
	Q2 2026	150.8	92.3	58.5
Switzerland	Q2 2025	43.7	36.6	7.1
	Q2 2026	53.4	39.1	14.3
China*	Q2 2025	53.8	115.1	-61.2
	Q2 2026	52.3	130.6	-78.3
Russia	Q2 2025	7.5	6.9	0.6
	Q2 2026	7.8	6.4	1.4
Japan	Q2 2025	16.5	15.0	1.5
	Q2 2026	16.7	14.8	1.9
Canada	Q2 2025	12.3	7.1	5.2
	Q2 2026	15.0	7.5	7.5
Hong Kong	Q2 2025	7.6	4.1	3.5
	Q2 2026	8.8	5.0	3.8
India	Q2 2025	11.7	14.5	-2.8
	Q2 2026	13.6	13.9	-0.4
Brazil	Q2 2025	8.9	10.3	-1.3
	Q2 2026	12.1	13.5	-1.4
Offshore financial centres	Q2 2025	17.7	13.9	3.8
	Q2 2026	18.9	18.6	0.3
Other countries	Q2 2025	256.1	232.7	23.4
	Q2 2026	270.6	266.3	4.3
* Excluding Hong Kong Source: Eurostat (dataset: bop_eu6_q)

EU services account, breakdown by main partner countries – neither calendar nor seasonally adjusted (bn euro) –
Partner	Period	Credit	Debit	Balance
Total	Q2 2025	403.5	351.1	52.4
	Q2 2026	434.1	378.4	55.7
United Kingdom	Q2 2025	79.1	62.7	16.4
	Q2 2026	86.7	65.2	21.5
USA	Q2 2025	89.7	126.7	-37.0
	Q2 2026	94.1	143.3	-49.2
Switzerland	Q2 2025	46.4	26.9	19.5
	Q2 2026	46.2	27.8	18.4
China*	Q2 2025	16.8	12.1	4.7
	Q2 2026	17.4	11.5	5.9
Russia	Q2 2025	1.3	0.9	0.4
	Q2 2026	1.3	0.9	0.4
Japan	Q2 2025	10.4	6.5	4.0
	Q2 2026	12.6	7.1	5.4
Canada	Q2 2025	7.9	4.6	3.2
	Q2 2026	8.4	5.0	3.4
Hong Kong	Q2 2025	8.3	3.8	4.5
	Q2 2026	11.0	4.0	7.0
India	Q2 2025	7.4	9.6	-2.3
	Q2 2026	7.9	9.8	-1.9
Brazil	Q2 2025	5.7	2.3	3.5
	Q2 2026	6.7	2.7	4.0
Offshore financial centres	Q2 2025	26.3	25.1	1.2
	Q2 2026	34.9	27.6	7.3
Other countries	Q2 2025	112.4	73.7	38.8
	Q2 2026	117.9	77.5	40.4
* Excluding Hong Kong Source: Eurostat (dataset: bop_eu6_q)

EU direct investment, breakdown by main partner countries – neither calendar nor seasonally adjusted (bn euro) –
Partner	Period	Net acquisition of Assets	Net incurrence of Liabilities	Net
Total	Q2 2025	6.2	-24.4	30.6
	Q2 2026	120.5	1.4	119.1
United Kingdom	Q2 2025	-13.0	6.5	-19.5
	Q2 2026	-1.5	-52.9	51.3
USA	Q2 2025	-6.2	-26.0	19.9
	Q2 2026	42.7	7.6	35.0
Switzerland	Q2 2025	0.6	-16.9	17.4
	Q2 2026	10.6	16.8	-6.2
China*	Q2 2025	5.1	2.4	2.7
	Q2 2026	5.6	6.9	-1.3
Russia	Q2 2025	1.3	1.8	-0.5
	Q2 2026	2.5	-0.5	2.9
Japan	Q2 2025	0.0	4.7	-4.7
	Q2 2026	-0.9	3.1	-3.9
Canada	Q2 2025	-3.7	-0.3	-3.4
	Q2 2026	4.8	3.7	1.0
Hong Kong	Q2 2025	0.8	1.8	-1.0
	Q2 2026	1.5	6.7	-5.2
India	Q2 2025	3.5	-0.9	4.4
	Q2 2026	2.5	0.0	2.5
Brazil	Q2 2025	9.3	2.0	7.3
	Q2 2026	7.6	-2.0	9.6
Offshore financial centres	Q2 2025	6.3	0.0	6.4
	Q2 2026	14.7	17.4	-2.7
Other countries	Q2 2025	3.0	2.3	0.7
	Q2 2026	32.0	1.2	30.7
* Excluding Hong Kong Source: Eurostat (dataset: bop_eu6_q)

Current accounts balances – national data (intra-EU + extra-EU) – neither calendar nor seasonally adjusted (bn euro) –
	2025			2026
Countries	Q2	Q3	Q4	Q1	Q2
Belgium	-3.5	1.1	1.6	1.6	1.7
Bulgaria	-0.7	-1.1	-3.8	-2.7	-2.5
Czechia	-2.2	-0.4	0.6	2.8	-2.8
Denmark	14.1	14.6	14.3	7.9	13.2
Germany	41.2	43.5	50.7	63.3	45.0
Estonia	0.1	-0.2	0.4	-0.1	-0.3
Ireland	14.0	15.5	14.9	17.9	19.7
Greece	-3.5	1.5	-6.9	-7.1	-3.8
Spain	16.0	16.6	11.7	9.9	8.7
France	-12.1	-3.8	22.3	-16.1	-6.5
Croatia	-1.9	3.6	-2.3	-3.6	-1.9
Italy	7.2	10.7	1.3	-0.2	-0.6
Cyprus	-0.7	-0.2	-1.2	-1.1	-1.3
Latvia	-0.7	-0.6	-0.5	-0.3	-0.9
Lithuania	-0.4	0.1	-0.1	0.3	-1.1
Luxembourg	-1.5	1.1	-0.5	1.0	-0.4
Hungary	1.5	1.4	0.8	0.2	-0.3
Malta	0.4	0.5	0.3	0.4	0.2
Netherlands	13.1	19.3	33.7	26.4	16.9
Austria	0.9	1.7	2.4	6.6	0.3
Poland	-2.0	-5.3	-1.1	0.7	-6.2
Portugal	0.3	3.2	-0.1	-1.1	-0.8
Romania	-7.5	-8.1	-6.3	-5.4	-7.8
Slovenia	0.7	1.0	0.5	0.4	0.8
Slovakia	-1.5	-1.5	-1.6	-0.6	-0.8
Finland	1.0	2.1	1.5	-2.7	1.3
Sweden	9.5	8.9	9.2	9.1	11.6
Iceland	-0.8	0.2	-0.2	-0.2	-0.8
Norway	15.8	15.1	12.7	21.9	25.6
Switzerland	10.9	14.7	0.7	18.0	25.7
Bosnia and Herzegovina	-0.3	-0.1	-0.3	-0.5	-0.4
Montenegro	-0.5	0.0	-0.7	-0.6	-0.5
Moldova	-0.9	-0.7	-0.9	-0.8	:
North Macedonia	-0.2	0.0	-0.3	-0.3	-0.3
Albania	-0.3	0.7	-0.3	-0.3	-0.1
Serbia	-1.3	-0.8	-1.4	-0.1	-1.3
Türkiye	-10.4	5.9	-9.7	-20.4	:
Kosovo*	-0.4	0.2	-0.4	-0.3	-0.5
* Kosovo, under United Nations Security Council Resolution 1244/99.    : data not available     Source: Eurostat (dataset: bop_c6_q)

Services accounts balances – national data (intra-EU + extra-EU) – neither calendar nor seasonally adjusted (bn euro) –
	2025			2026
Countries	Q2	Q3	Q4	Q1	Q2
Belgium	-4.1	-2.7	0.1	-1.5	-2.6
Bulgaria	2.4	2.7	1.7	1.6	1.8
Czechia	1.0	1.3	0.4	1.2	1.0
Denmark	0.8	1.2	0.2	-1.1	0.6
Germany	-20.4	-26.7	-14.9	-11.6	-19.4
Estonia	0.9	0.8	0.9	0.8	1.0
Ireland	12.6	7.6	7.6	9.4	3.8
Greece	6.4	12.0	3.3	1.3	6.2
Spain	30.6	35.4	26.4	25.2	33.0
France	18.2	12.4	10.5	6.3	23.2
Croatia	3.4	8.9	1.7	0.8	3.4
Italy	1.8	2.3	-6.1	-4.3	3.0
Cyprus	2.5	3.0	2.9	1.6	2.1
Latvia	0.5	0.5	0.5	0.5	0.6
Lithuania	2.5	2.7	2.7	2.5	2.7
Luxembourg	5.2	7.3	7.7	6.5	7.7
Hungary	2.9	3.8	2.8	2.1	3.1
Malta	2.1	2.3	1.8	1.8	2.1
Netherlands	13.2	8.6	13.3	9.2	13.9
Austria	-0.4	0.1	1.7	5.8	-0.4
Poland	10.7	9.7	9.0	9.2	10.1
Portugal	8.2	11.4	7.1	6.5	8.3
Romania	3.0	2.9	3.4	3.7	3.6
Slovenia	1.1	1.3	1.1	0.7	1.1
Slovakia	0.1	0.1	0.1	0.2	0.1
Finland	-1.0	-1.4	-0.6	-1.4	-2.2
Sweden	-3.3	-3.3	-2.5	-2.7	-1.3
Iceland	0.4	1.0	0.4	0.2	0.5
Norway	-2.4	-2.2	-2.4	-2.7	-1.9
Switzerland	-2.4	-2.6	-7.7	-4.0	-4.8
Bosnia and Herzegovina	0.5	0.7	0.6	0.4	0.5
Montenegro	0.4	1.0	0.2	0.1	0.4
Moldova	0.2	0.2	0.3	0.3	:
North Macedonia	0.2	0.3	0.2	0.2	0.2
Albania	0.9	1.9	1.0	0.8	1.0
Serbia	0.5	0.3	0.9	0.6	0.7
Türkiye	13.7	21.5	12.7	6.3	:
Kosovo*	0.4	1.1	0.5	0.5	0.4
* Kosovo, under United Nations Security Council Resolution 1244/99.      : data not available   Source: Eurostat (dataset: bop_c6_q )

Notes for users

Revisions and timetable

The EU balance of payments estimates for the reference quarter are based on figures provided by the Member States to Eurostat 82 days (euro area Member States) or 85 days (non-euro area Member States) after the end of the reference quarter and should be considered as provisional. Figures may be subject to revision when data for later quarters are transmitted by the Member States.

A more limited set of monthly data is available in the Eurostat on-line database approximately 51 days after the end of the reference month. The publication timetable of balance of payments statistics for 2026 is available here.

Methods and definitions

The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and services, as well as primary and secondary income. The capital account comprises capital transfers and the acquisition and disposal of non-produced, non-financial assets. The financial account records transactions that involve financial assets and liabilities, and take place between residents and non-residents and is further subdivided into direct investment, portfolio investment, other investment, financial derivatives and employee stock options and reserve assets. Further details of the statistical concepts and definitions used can be found on the Eurostat website here.

In line with the agreed allocation of responsibility, the European Central Bank (ECB) is in charge of compiling and disseminating monthly and quarterly balance of payments and quarterly international investment position statistics for the euro area, while the European Commission (Eurostat) is responsible for monthly, quarterly and annual aggregates of the EU. The aggregates for the euro area and the EU are compiled consistently on the basis of Member States' transactions with residents of countries outside the euro area and the European Union respectively.

Geographical information

Up to 31 December 2025, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland (EA20). From 1 January 2026, the euro area also includes Bulgaria (EA21).

The aggregate data series for the euro area in this Euro indicator release refer to the official composition of the euro area as from 1 January 2026.

The European Union (EU27) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.

Offshore Financial Centres (OFC) is an aggregate that includes 40 countries. As example, the aggregate contains financial centres such as Liechtenstein, Guernsey, Jersey, the Isle of Man, Andorra, Gibraltar, Panama, Bermuda, the Bahamas, the Cayman Islands, British Virgin Islands, Bahrain, Hong Kong, Singapore and the Philippines.

For more information

• Website section on balance of payments

• Metadata on balance of payments statistics

• Database section on balance of payments

• Statistics Explained article on balance of payments and Statistics Explained article on the quarterly data

• ECB statistics on balance of payments data

• Euro indicators dashboard

• Release calendar for Euro indicators

• European Statistics Code of Practice