EU current account surplus €134.3 bn (2024)

Euro indicators 4 July 2024 Next release: 4 October 2024

First quarter of 2024

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€38.4 bn surplus for trade in services

Overview

In the first quarter of 2024, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €134.3 billion (+3.1% of GDP), compared with a surplus of €89.8 billion (+2.1% of GDP) in the fourth quarter of 2023 and a surplus of €55.2 billion (+1.3% of GDP) in the first quarter of 2023, according to estimates released by Eurostat, the statistical office of the European Union.

EU current and capital accounts

In the first quarter of 2024 compared with the fourth quarter of 2023, based on seasonally adjusted data

  • the surplus of the goods account increased (+€113.5 bn compared to +€66.5 bn),

  • the surplus of the services account decreased (+€38.4 bn compared to +€43.8 bn),

  • the surplus of the primary income account increased (+€5.5 bn compared to +€2.3 bn) and

  • the deficit of the secondary income account increased (-€23.0 bn compared to -€22.8 bn).

In addition, during the same period, the deficit of the capital account decreased (-€4.3 bn compared to -€11.4 bn).

EU current account surplus €134.3 bn (1)

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

Q1 2023

Credit

1321.2

674.0

333.1

276.1

38.0

31.7%

19.9

Debit

1265.9

636.9

293.5

273.8

61.7

30.3%

31.7

Balance

55.2

37.1

39.6

2.2

-23.7

1.3%

-11.8

Q2 2023

Credit

1322.7

654.6

332.5

294.4

41.1

31.3%

13.9

Debit

1245.5

604.3

291.4

286.8

63.0

29.5%

21.8

Balance

77.2

50.3

41.2

7.6

-21.9

1.8%

-8.0

Q3 2023

Credit

1327.5

650.3

333.1

304.5

39.6

31.2%

17.8

Debit

1227.8

573.4

294.8

297.0

62.5

28.9%

18.8

Balance

99.7

76.9

38.3

7.4

-22.9

2.3%

-1.0

Q4 2023

Credit

1314.2

642.4

341.7

290.1

40.0

30.5%

30.4

Debit

1224.4

576.0

297.9

287.8

62.8

28.4%

41.8

Balance

89.8

66.5

43.8

2.3

-22.8

2.1%

-11.4

Q1 2024

Credit

1387.2

691.2

350.7

306.8

38.4

31.9%

14.1

Debit

1252.9

577.8

312.4

301.4

61.5

28.8%

18.5

Balance

134.3

113.5

38.4

5.5

-23.0

3.1%

-4.3

Source: Eurostat (dataset: bop_eu6_q)

EU current account surplus €134.3 bn (2)

Euro area current account
– calendar and seasonally adjusted (bn euro) –

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Current account balance

31.8

58.7

61.2

72.2

112.2

Balance of trade in goods

43.6

59.9

78.8

67.1

103.7

Balance of trade in services

23.5

31.6

33.1

31.4

31.7

Balance of primary income

2.8

11.4

-4.8

17.9

10.5

Balance of secondary income

-38.1

-44.2

-45.9

-44.1

-33.7

Current account balance as % of GDP

0.9%

1.6%

1.7%

2.0%

3.0%

Source: ECB

EU current account surplus €134.3 bn (3)

EU main partners

In the first quarter of 2024, based on non-seasonally adjusted data, the EU recorded current account surpluses with the United Kingdom (+€65.7 bn), Switzerland (+€25.6 bn), the USA (+€18.0 bn), Canada (+€9.6 bn), Hong Kong (+€8.9 bn), offshore financial centres (+€8.6 bn), Brazil (+€8.0 bn), Japan (+€2.2 bn) and Russia (+€1.4 bn). Deficits were registered with China (-€29.7 bn) and India (-€1.0 bn).

EU financial account

Based on non-seasonally adjusted data, in the first quarter of 2024

  • direct investment assets of the EU increased by €118.2 bn and

  • direct investment liabilities increased by €35.0 bn.

As a result, the EU was a net direct investor to the rest of the world with net outflows of €83.2 bn.

At the same time,

  • portfolio investment recorded a net inflow of €48.7 bn, while

  • other investment recorded a net outflow of €34.4 bn.

EU financial account
– neither calendar nor seasonally adjusted (bn euro) –

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Net financial account

109.8

93.9

70.3

53.4

102.9

Net acquisition of assets

465.1

55.7

126.0

-398.2

554.1

Net incurrence of liabilities

355.2

-38.2

55.7

-451.6

451.2

Net direct investment

89.0

7.1

-21.5

-9.1

83.2

Net acquisition of assets

80.3

-88.4

-3.7

-365.0

118.2

Net incurrence of liabilities

-8.7

-95.5

17.8

-355.8

35.0

Net portfolio investment

-144.1

40.9

-14.1

-65.7

-48.7

Net acquisition of assets

42.8

186.9

83.8

24.3

147.5

Net incurrence of liabilities

186.9

146.0

97.9

90.0

196.2

Net other investment

161.0

16.4

106.8

98.0

34.4

Net acquisition of assets

338.0

-72.3

46.9

-87.7

254.4

Net incurrence of liabilities

177.1

-88.8

-60.0

-185.8

220.0

Net financial derivatives and employee stock options

16.8

-1.8

3.8

20.3

9.8

Reserve assets

-12.8

31.3

-4.8

9.9

24.1

Source: Eurostat (dataset: bop_eu6_q)

EU current account surplus €134.3 bn (4)

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, eighteen Member States recorded surpluses, seven recorded deficits and one Member State had its current account in balance in the first quarter of 2024 (data for France not available). The highest surpluses were observed in Germany (+€83.6 bn), the Netherlands (+€28.3 bn), Ireland (+€22.6 bn), Spain (+€12.0 bn), Sweden (+€10.3 bn), Austria (+€9.0 bn) and Denmark (+€7.2 bn). The largest deficits were recorded for Greece (‑€4.1 bn), Romania (-€4.0 bn) and Croatia (-€2.7 bn).

Tables

EU current account, breakdown by main partner countries
– neither calendar nor seasonally adjusted (bn euro) –

Partner

Period

Credit

Debit

Balance

Total

Q1 2023

1275.7

1239.7

35.9

Q1 2024

1309.8

1191.6

118.2

United Kingdom

Q1 2023

218.1

159.2

58.8

Q1 2024

225.6

159.9

65.7

USA

Q1 2023

269.8

262.8

7.0

Q1 2024

289.6

271.5

18.0

Switzerland

Q1 2023

110.4

90.0

20.4

Q1 2024

113.4

87.8

25.6

China*

Q1 2023

84.5

130.1

-45.6

Q1 2024

86.4

116.1

-29.7

Russia

Q1 2023

18.8

20.9

-2.2

Q1 2024

14.7

13.3

1.4

Japan

Q1 2023

34.5

32.7

1.8

Q1 2024

34.3

32.2

2.2

Canada

Q1 2023

22.2

14.9

7.3

Q1 2024

24.7

15.2

9.6

Hong Kong

Q1 2023

17.6

10.5

7.1

Q1 2024

19.9

11.1

8.9

India

Q1 2023

20.1

23.0

-2.9

Q1 2024

21.6

22.6

-1.0

Brazil

Q1 2023

22.4

14.7

7.7

Q1 2024

22.2

14.2

8.0

Offshore financial centres

Q1 2023

79.2

78.1

1.1

Q1 2024

83.1

74.4

8.6

Other countries

Q1 2023

395.9

413.4

-17.5

Q1 2024

394.3

384.4

9.8

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q)

EU current account surplus €134.3 bn (5)

EU goods account, breakdown by main partner countries
– neither calendar nor seasonally adjusted (bn euro) –

Partner

Period

Credit

Debit

Balance

Total

Q1 2023

667.7

629.1

38.7

Q1 2024

649.8

547.9

101.9

United Kingdom

Q1 2023

92.9

52.9

40.0

Q1 2024

93.8

45.8

48.0

USA

Q1 2023

128.1

75.5

52.6

Q1 2024

132.7

73.9

58.8

Switzerland

Q1 2023

44.9

37.2

7.7

Q1 2024

41.3

33.3

8.0

China*

Q1 2023

62.6

116.9

-54.2

Q1 2024

62.4

102.5

-40.2

Russia

Q1 2023

11.9

17.3

-5.4

Q1 2024

8.7

8.8

-0.1

Japan

Q1 2023

18.5

17.3

1.2

Q1 2024

17.5

15.5

2.0

Canada

Q1 2023

10.8

6.0

4.8

Q1 2024

12.0

6.0

6.0

Hong Kong

Q1 2023

8.2

4.0

4.2

Q1 2024

8.6

4.1

4.6

India

Q1 2023

12.3

14.9

-2.6

Q1 2024

12.5

13.4

-0.8

Brazil

Q1 2023

8.2

10.3

-2.1

Q1 2024

8.0

9.3

-1.3

Offshore financial centres

Q1 2023

27.0

15.1

11.8

Q1 2024

20.5

13.8

6.7

Other countries

Q1 2023

250.5

265.6

-15.1

Q1 2024

240.5

225.7

14.8

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q)

EU current account surplus €134.3 bn (6)

EU services account, breakdown by main partner countries
– neither calendar nor seasonally adjusted (bn euro) –

Partner

Period

Credit

Debit

Balance

Total

Q1 2023

318.8

297.8

21.0

Q1 2024

340.2

315.1

25.1

United Kingdom

Q1 2023

62.3

53.0

9.3

Q1 2024

65.7

57.8

7.9

USA

Q1 2023

68.5

96.6

-28.1

Q1 2024

70.9

107.0

-36.2

Switzerland

Q1 2023

34.6

23.0

11.6

Q1 2024

37.8

23.1

14.7

China*

Q1 2023

13.1

10.0

3.2

Q1 2024

15.3

10.0

5.3

Russia

Q1 2023

3.2

1.3

1.9

Q1 2024

2.3

1.0

1.3

Japan

Q1 2023

9.7

4.9

4.7

Q1 2024

9.3

4.7

4.6

Canada

Q1 2023

5.4

4.3

1.1

Q1 2024

5.9

4.4

1.5

Hong Kong

Q1 2023

5.7

3.6

2.0

Q1 2024

7.6

3.4

4.2

India

Q1 2023

5.3

7.1

-1.7

Q1 2024

6.3

8.1

-1.8

Brazil

Q1 2023

5.3

2.4

2.9

Q1 2024

5.9

2.3

3.6

Offshore financial centres

Q1 2023

22.2

30.2

-8.0

Q1 2024

26.5

28.3

-1.8

Other countries

Q1 2023

89.3

65.1

24.2

Q1 2024

94.4

68.3

26.0

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q)

EU current account surplus €134.3 bn (7)

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

Q1 2023

80.3

-8.7

89.0

Q1 2024

118.2

35.0

83.2

United Kingdom

Q1 2023

38.0

20.8

17.1

Q1 2024

28.1

33.3

-5.3

USA

Q1 2023

9.2

-2.3

11.5

Q1 2024

28.1

5.6

22.5

Switzerland

Q1 2023

-4.9

26.7

-31.6

Q1 2024

12.5

18.4

-5.9

China*

Q1 2023

6.1

3.0

3.1

Q1 2024

6.1

0.5

5.6

Russia

Q1 2023

-4.7

-14.4

9.7

Q1 2024

-1.6

1.0

-2.5

Japan

Q1 2023

-0.4

1.4

-1.8

Q1 2024

2.1

-1.1

3.2

Canada

Q1 2023

3.4

2.7

0.7

Q1 2024

0.7

-8.2

8.8

Hong Kong

Q1 2023

0.2

-0.6

0.8

Q1 2024

19.0

0.5

18.5

India

Q1 2023

11.5

0.7

10.8

Q1 2024

2.1

0.0

2.1

Brazil

Q1 2023

8.4

-1.1

9.5

Q1 2024

6.7

1.7

5.0

Offshore financial centres

Q1 2023

-28.6

-31.0

2.4

Q1 2024

23.6

-9.7

33.3

Other countries

Q1 2023

42.3

-15.3

57.6

Q1 2024

9.7

-6.7

16.5

* Excluding Hong Kong

Source: Eurostat (dataset: bop_eu6_q)

EU current account surplus €134.3 bn (8)

Current accounts balances – national data (intra-EU + extra-EU)
– neither calendar nor seasonally adjusted (bn euro) –

Countries

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Belgium

0.2

-5.0

-3.1

2.2

3.1

Bulgaria

-0.4

0.6

0.4

-0.8

0.3

Czechia

1.5

-0.8

0.0

0.5

4.2

Denmark

6.7

11.2

8.4

10.7

7.2

Germany

68.6

49.6

68.3

71.1

83.6

Estonia

0.0

-0.3

-0.4

0.2

-0.1

Ireland

13.6

15.8

20.8

-0.4

22.6

Greece

-3.9

-4.2

1.0

-6.8

-4.1

Spain

10.5

8.6

10.5

8.2

12.0

France (1)

:

:

:

:

:

Croatia

-2.6

-0.7

5.2

-1.1

-2.7

Italy

-8.5

-0.4

11.0

9.2

4.4

Cyprus

-1.9

-0.3

-0.5

-0.9

-0.9

Latvia

-0.5

-0.4

-0.6

-0.2

-0.2

Lithuania

0.2

0.2

0.2

0.8

0.9

Luxembourg

0.4

1.7

1.8

1.5

1.7

Hungary

0.0

1.0

0.4

-0.9

2.1

Malta

-0.1

0.0

0.2

0.0

0.0

Netherlands

25.5

24.2

22.3

33.2

28.3

Austria

7.3

-1.2

2.0

4.7

9.0

Poland

4.7

1.5

1.8

3.6

4.7

Portugal

0.0

0.6

3.4

-0.3

1.5

Romania

-4.0

-5.1

-6.6

-6.9

-4.0

Slovenia

0.5

1.1

0.6

0.6

0.7

Slovakia

-0.6

0.3

-0.4

-1.2

0.1

Finland

-0.2

-4.1

0.3

0.9

-1.1

Sweden

9.3

8.0

8.7

8.9

10.3

Iceland

-0.1

0.0

0.5

-0.2

-0.3

Norway

27.4

14.6

16.9

19.5

21.8

Switzerland

11.3

16.6

18.6

14.4

17.0

Bosnia and Herzegovina

-0.2

-0.2

-0.1

-0.2

-0.5

Montenegro

-0.3

-0.3

0.2

-0.4

-0.4

North Macedonia

0.1

-0.1

0.2

-0.1

-0.2

Albania

-0.1

-0.2

0.4

-0.2

-0.4

Serbia

-0.2

-0.4

-0.2

-1.0

-0.4

Türkiye

-22.9

-11.1

-2.5

-5.3

-10.0

Kosovo*

-0.2

-0.3

0.2

-0.4

-0.3

c Confidential

(1) Data for France will be released on 11 July 2024.

* Kosovo, under United Nations Security Council Resolution 1244/99.

Source: Eurostat (dataset: bop_c6_q)

EU current account surplus €134.3 bn (9)

Services accounts balances – national data (intra-EU + extra-EU)
– neither calendar nor seasonally adjusted (bn euro) –

Countries

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Belgium

-0.9

-1.4

-3.6

-0.3

-1.4

Bulgaria

1.2

1.5

2.6

1.4

1.4

Czechia

1.1

1.1

1.1

0.7

1.1

Denmark

1.5

1.0

0.7

-0.5

-0.3

Germany

-10.0

-17.6

-23.4

-12.0

-12.5

Estonia

0.6

0.8

0.6

0.7

0.6

Ireland

-0.8

7.4

8.6

-7.7

7.8

Greece

1.1

5.6

12.4

2.8

1.3

Spain

16.9

24.8

30.0

21.2

20.4

France (1)

:

:

:

:

:

Croatia

1.1

3.5

9.4

1.8

0.9

Italy

-5.8

-1.2

3.2

-3.6

-5.2

Cyprus

1.2

1.9

2.1

1.6

1.4

Latvia

0.4

0.6

0.7

0.5

0.4

Lithuania

1.7

2.1

2.1

1.8

2.1

Luxembourg

6.3

7.2

6.6

7.2

7.4

Hungary

2.0

2.4

3.0

2.4

2.1

Malta

1.2

1.5

1.7

1.3

1.2

Netherlands

5.9

10.7

7.0

10.5

7.8

Austria

5.0

-0.3

0.8

2.2

5.8

Poland

9.4

10.4

10.1

9.7

9.3

Portugal

5.2

7.1

9.8

5.9

6.1

Romania

3.8

3.4

3.1

3.2

3.2

Slovenia

0.8

1.0

1.0

1.0

0.8

Slovakia

0.2

0.2

0.1

0.0

0.1

Finland

-2.2

-2.8

-2.2

-2.8

-2.0

Sweden

-2.5

-1.8

-0.7

-2.6

-1.2

Iceland

0.2

0.6

1.0

0.2

0.1

Norway

-1.6

-2.5

-2.0

-2.3

-1.2

Switzerland

-2.9

-6.2

-5.8

-9.1

-3.9

Bosnia and Herzegovina

0.4

0.5

0.6

0.5

0.4

Montenegro

0.1

0.4

1.0

0.2

0.1

North Macedonia

0.3

0.0

0.3

0.2

0.3

Albania

0.6

0.8

1.3

0.8

0.6

Serbia

0.8

0.8

0.6

0.9

0.7

Türkiye

7.0

11.5

19.8

10.3

6.6

Kosovo*

0.3

0.3

0.9

0.2

0.3

c Confidential

(1) Data for France will be released on 11 July 2024.

* Kosovo, under United Nations Security Council Resolution 1244/99.

Source: Eurostat (dataset: bop_c6_q)

EU current account surplus €134.3 bn (10)

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 2024 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

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.

The euro area (EA20) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

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

Get in touch

Media requests

Eurostat Media Support

Phone: (+352) 4301 33 408

E-mail: eurostat-mediasupport@ec.europa.eu

Further information on data

Peter POSPISIL

Phone: (+352) 4301 34 324

Matthias LUDWIG

Phone: (+352) 4301 38 380

E-mail: ESTAT-BOP@ec.europa.eu

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EU current account surplus €134.3 bn (2024)

FAQs

What is the EU account balance? ›

The EU recorded a current account surplus of €329 billion in 2023 vis-à-vis the rest of the world. In 2023, the EU had a current account surplus of €243 billion with the United Kingdom and a deficit of -€157 billion with China.

What is the current account Europe? ›

European Current Account
Release DateActualPrevious
Jun 19, 2024 (Apr)38.6B35.8B
May 21, 2024 (Mar)35.8B28.9B
Apr 18, 2024 (Feb)29.5B39.3B
Mar 21, 2024 (Jan)39.4B32.0B
2 more rows

What does current account balance mean for a country? ›

In macroeconomics and international finance, a country's current account records the value of exports and imports of both goods and services and international transfers of capital. It is one of the two components of the balance of payments, the other being the capital account (also known as the financial account).

What does EU mean in money? ›

Euro – official EU currency | European Union.

What is current account surplus? ›

A current account surplus means that a country has more exports and incoming payments than imports and outgoing payments to other countries. It is generally deemed a positive because the current account surplus adds to a country's reserves.

What is the minimum balance in a current account? ›

Banks require Current Account holders to maintain a minimum amount as account balance on average within a quarter or month. For example, the minimum account balance for a regular Current Account with HDFC Bank is Rs 10,000. But, the MAB can vary between the Current Account products.

What is current account in balance of payment? ›

The current account represents a country's imports and exports of goods and services, payments made to foreign investors, and transfers such as foreign aid.

What is an EU account? ›

EU Account means each holding account opened in the name of the Holder in the Union Registry, in which the Allowances issued, acquired or otherwise delivered are registered.

What is the balance of payment facility of the EU? ›

According to the BoP Regulation, the BoP Facility was set up to provide EU medium-term financial assistance to Member States that have not yet adopted the euro6 ('Member States with a derogation') and are experiencing, or are threatened with, difficulties in their balance of payments.

What is EU credit? ›

The European Credit Transfer and Accumulation System (ECTS) is a tool of the European Higher Education Area for making studies and courses more transparent. It helps students to move between countries and to have their academic qualifications and study periods abroad recognised.

What are EU funds used for? ›

Approximately 94% of the EU budget funds programmes and projects both within member states and outside the EU. Less than 7% of the budget is used for administrative costs, and less than 3% is spent on EU civil servants' salaries.

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