The Europäische Zentralbank on 2 October 2026 released new data for the second quarter of 2026. It showed that the eurozone in the four-quarter period up to and including second quarter of 2026 recorded a current account surplus of €265 billion, equivalent to 1.6 per cent of gross domestic product. A year earlier, the surplus had stood at €304 billion, or 1.9 per cent. The international investment position stood at €1.94 trillion at the end of the quarter, equivalent to 12 per cent of gross domestic product.
According to the European Central Bank’s statement, the decline was mainly due to a weaker surplus in goods. Balances fell particularly sharply for chemical products, machinery and manufactured goods. In the services sector, the overall trend remained more stable across the four-quarter series; telecommunications, information and IT services, as well as tourism and travel services, recorded gains. Primary income showed a slight improvement, driven by higher balances for direct investment and other receivables. By contrast, higher current transfers in secondary income weighed on the overall balance.
The geographical breakdown shows the largest bilateral surplus with the United Kingdom, at €252 billion over the four-quarter period. The largest bilateral deficit was recorded with China and stood at €184 billion. With the United States the surplus in the goods balance narrowed, while deficits in trade in services increased.
For context, the continuing, though smaller, surplus reflects the euro area’s robust but sectorally shifting competitiveness. The slowdown in goods points to sensitivities to global demand and price trends, while parts of the services sector are providing countervailing momentum. The positive international investment position also confirms the euro area’s role as a net creditor to the rest of the world, thereby affecting future income flows and exchange-rate risks.
The figures come from the European Central Bank’s statistical release of 2 October 2026, which the Banco de España published on its website in Spanish. Titles, figures and time references have been taken from the release’s tables and relate to the second quarter of 2026.
Editor: Daniel Mayer (Article created with AI assistance).