Eurostat (Eurostat)
Macroeconomics  |  October 02, 2026 11:59:04, updated

EU current account surplus €80.2 bn in 2Q26

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).

Current account balance

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

Get in touch

Media requests

Eurostat Media Support

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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September 15, 2026Euro area international trade in goods surplus €14.2 bn Eurostat (Eurostat)
July 03, 2026EU current account surplus €113.4 bn Eurostat (Eurostat)
May 26, 2026EU trade in goods surplus halved in Q1 2026 Eurostat (Eurostat)


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