Balance of payments statistics - quarterly data

Data extracted in April 2025.

Planned article update: 03 July 2025.

Highlights

EU current account recorded a surplus of €121.3 billion in Q4 2024.

In Q4 2024, the EU goods account surplus reached €98.4 billion.

Balances of EU current account main items as share of GDP, 2024Q4 (%)
Source: Eurostat (bop_gdp6_q)

This article presents quarterly statistics on balance of payments in the EU, the euro area and the EU countries. Balance of payments, which is a summary of the transactions of a given economy with the rest of the world, comprises the current account, which covers cross-border transactions in goods, services, primary income and secondary income, the capital account, which covers cross-border capital transfers, as well as the financial account, which deals with transactions involving financial claims on, or liabilities to, the rest of the world, including cross-border direct investment and purchases and sales of equities, debt securities and financial derivatives.

Current account

The EU non-seasonally adjusted external current account recorded a surplus of €121.3 billion (+2.6% of GDP) in Q4 2024, compared with the current account balance of €105.4 billion (+2.3% of GDP) in Q4 2023, according to the estimates released by Eurostat.

Figure 1: Balances of EU current account main items as share of GDP, 2024Q4 (%)
Source: Eurostat (bop_gdp6_q)

In Q4 2024 compared with Q4 2023, based on non-seasonally adjusted data, the surplus of the goods account increased (+€98.4 billion compared with +€97.3 billion), as did the surpluses of the services account (+€34.2 billion compared with +€24.6 billion) and the primary income account (+€21.0 billion compared with +€17.5 billion). The deficit of the secondary income account decreased (-€32.3 billion compared with -€34.0 billion). In the capital account, the EU recorded a deficit of -€6.5 billion, compared with a deficit of -€9.4 billion in Q4 2023.

Looking at values of credit and debit transactions by components of the current account, it can be observed that in Q4 2024 compared with the same quarter of the previous year credit and debit transactions for all components of the current account increased. The highest increases were recorded for credit transactions of secondary income account (+25.7%) and debit transactions of secondary income account (+11.8%) followed by credit and debit transactions of primary income account (+10.4% and +9.8%, respectively) and credit and debit transactions of services account (+7.8% and +5.7%, respectively), while credit and debit transactions for goods rose at a slower rate (both +1.7%).

Table 1: Main items of the current and capital account, EU, 2024Q4 (€ billion)
Source: Eurostat (bop_eu6_q)

The surplus recorded in the services account (+€34.2 billion) was mainly the result of surpluses in telecommunications, computer and information services (+€60.6 billion), transport (+€6.6 billion), travel (+€5.7 billion), financial services (+€4.1 billion) and maintenance and repair services (+€4.0 billion), partially offset by deficits in charges for the use of intellectual property (-€41.8 billion) and other business services, which include research and development, professional, management consulting, technical, trade-related and other business services (-€14.3 billion).

Table 2: Trade in services with the rest of the world, EU, 2024Q4 (€ billion)
Source: Eurostat (bop_eu6_q)

France (mainly with transport, other business services and travel), Spain (mainly with travel, other business services and telecommunications, computer and information services), the Netherlands (mainly with maintenance and repair services and telecommunications, computer and information services), Poland (mainly with other business services and telecommunications, computer and information services), Portugal and Greece (both mainly with travel) contributed the most to the surplus. Ireland (mainly due to deficits in charges for the use of intellectual property and other business services) and Germany (mainly due to deficits in travel, transport and other business services) reported the highest deficits in trade in services with extra-EU economic counterparts.

The primary income surplus (+€21.0 billion) was the result of surpluses in direct investment income (+€29.2 billion), compensation of employees (+€8.7 billion) and other investment income (+€1.1 billion), partially offset by a deficit in portfolio investment income (-€23.6 billion).

Table 3: Primary income with the rest of the world, EU, 2024Q4 (€ billion)
Source: Eurostat (bop_eu6_q)

Geographical breakdown of current account transactions

In Q4 2024, the EU external current account recorded a surplus with the United Kingdom (+€49.0 billion), Switzerland (+€28.3 billion), offshore financial centres^[1] (+€21.7 billion), the United States (+€20.6 billion), Canada (+€12.8 billion), Hong Kong (+€10.6 billion), Brazil (+€8.4 billion) and Japan (+€7.9 billion). Deficits were registered with China (-€49.4 billion), Russia (-€1.5 billion) and India (-€1.3 billion).

The EU recorded highest surpluses in goods account with the United States (+€69.3 billion), the United Kingdom (+€44.3 billion), offshore financial centres (+€8.8 billion), Canada (+€7.3 billion), Switzerland (+€5.6 billion), Japan (+€4.3 billion) and Hong Kong (+€4.1 billion), while deficits were registered with China (-€63.3 billion), Brazil (-€2.2 billion), India (-€1.8 billion) and Russia (-€1.3 billion).

In the services account, the surpluses took place with Switzerland (+€17.5 billion), the United Kingdom (+€10.2 billion), Japan (+€5.6 billion), China (+€5.5 billion), Hong Kong (+€5.1 billion), Brazil (+€3.3 billion), Canada (+€1.8 billion) and Russia (+€0.6 billion), the deficits with the United States (-€43.8 billion), India (-€2.1 billion) and offshore financial centres (-€0.1 billion).

Highest surpluses in the primary income account occurred with offshore financial centres (+€14.0 billion), China (+€9.1 billion), Brazil (+€7.9 billion), Switzerland (+€6.8 billion) and Canada (+€3.9 billion), while deficits were recorded with the United States (-€6.0 billion), the United Kingdom (-€5.4 billion) and Japan (-€2.0 billion).

In the secondary income account, a surplus was registered only with the United States (+€1.1 billion), while highest deficits were recorded with Switzerland (-€1.7 billion), offshore financial centres (-€0.9 billion), China (-€0.7 billion) and Brazil (-€0.6 billion).

Table 4: Balances with major economic partners, EU, 2024Q4 (€ billion)
Source: Eurostat (bop_eu6_q)

Financial account

In Q4 2024 there was a net decrease in financial assets held abroad by EU residents by €9.3 billion as well as a net decrease of liabilities of EU residents to the rest of the world by €99.4 billion. The EU was the net direct investor to the rest of the world with net outflows of €17.1 billion. Direct investment assets held abroad by EU investors increased by €62.3 billion, as did direct investment liabilities of the EU to the rest of the world by €45.2 billion.

Table 5: Financial account transactions with the rest of the world, EU, 2024Q4 (€ billion)
Source: Eurostat (bop_eu6_q)

Portfolio investment recorded a net outflow of €82.4 billion. Portfolio investment assets abroad increased by €189.1 billion, as did portfolio investment liabilities of the EU to the rest of the world by €106.7 billion. Other investment recorded a net inflow of €43.7 billion. EU investors decreased their other investment assets held abroad by €295.0 billion, while other investment liabilities of the EU to the rest of the world decreased by €251.3 billion.

Current account of EU countries (including intra-EU flows)

As concerns the total (intra-EU plus extra-EU) current account balances of the EU countries, based on available non-seasonally adjusted data, 18 EU countries recorded surpluses, 8 recorded deficits and 1 EU country had its current account in balance in Q4 2024. The highest surpluses were observed in Germany (+€50.4 billion), the Netherlands (+€38.9 billion), Ireland (+€18.2 billion), Denmark (+€15.2 billion), France (+€14.8 billion), Italy (+€9.9 billion) and Sweden (+€9.7 billion), while the largest deficits were in Romania (-€9.4 billion) and Greece (-€7.3 billion).

In relation to GDP (size of the economy), the highest surpluses can be observed for Luxemburg (+15.7%), Denmark (+14.2%), the Netherlands (+13.3%), Ireland (+12.6%), Sweden (+6.5%), Germany (+4.6%) and Malta (+4.1%). The largest deficits were recorded for Cyprus (-14.0%), Greece (-11.8%), Romania (-8.9%), Croatia (-7.4%), Bulgaria (-6.3%) and Slovakia (-4.9%).

Figure 2: National current account balances as share of GDP, 2024Q4 (%)
Source: Eurostat (bop_gdp6_q)

Trade in goods was the main account behind surpluses of Germany, the Netherlands, Ireland, Denmark, Italy, Sweden, Czechia and Finland; it was also the main account behind deficits of Romania, Greece, Bulgaria, Slovakia, Croatia and Cyprus. Services account decided about the surpluses of Spain, Luxembourg, Poland, Slovenia, Lithuania, Malta, Estonia, Latvia and significantly contributed to the surpluses of France and Austria. Primary income significantly contributed to surpluses of Germany, France and Sweden, as well as to deficits of Bulgaria, Slovakia, Cyprus and Hungary. In secondary income account, Portugal, Croatia, Latvia, Luxembourg, Estonia and Bulgaria recorded the highest surpluses, while the highest deficits were recorded by Germany, France, Italy, Sweden, Belgium and Spain.

International investment position of EU countries

In Q4 2024, external liabilities were higher than assets in 15 EU countries (representing negative net international investment position), while external assets exceeded liabilities in 12 EU countries (Belgium, Denmark, Germany, Italy, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Slovenia, Finland and Sweden). Germany recorded the highest value of net IIP with €3 500.3 billion, due to direct, portfolio and other investment positions, being followed by the Netherlands (€676.0 billion), Sweden (€371.2 billion), Belgium (€369.4 billion), Italy (€334.9 billion), Denmark (€310.8 billion) and Austria (€116.6 billion), mainly due to direct investment in the case of the Netherlands, Denmark and Austria, and portfolio investment in the case of Belgium, Sweden and Italy. Greece, Ireland and Cyprus recorded high indebtedness levels, which were above 80% of GDP, mainly due to other investment in the case of Greece and Cyprus and portfolio investment in the case of Ireland.

Source data for tables and graphs

Balance of payments statistics - quarterly data: tables and figures

Data sources

The methodological framework followed in the compilation of the Balance of Payments and International Investment Position is that defined in the sixth edition of the International Monetary Fund Balance of Payments and International Investment Position Manual (BPM6), published in 2009.

In the compilation of BOP, responsibility is shared between Eurostat and the ECB. Eurostat is responsible for monthly BOP and quarterly and annual BOP, IIP, ITSS and FDI aggregates of the EU, as well as on detailed ITSS data also for the euro area, whereas the European Central Bank (ECB) is in charge of compiling and disseminating the euro area monthly and quarterly balance of payments, as well as quarterly international investment position statistics.

Monthly BOP data are available starting from January 1999. Quarterly BOP items are available from first quarter 1982, while quarterly IIP from fourth quarter 1993. Data are available for the European Union, EU countries, euro area, EFTA and candidate countries. Data are compiled and disseminated for transactions and positions of the total economy vis-à-vis the rest of the world and major economic counterparts (Switzerland, Russia, the USA, Canada, Brazil, China, Hong Kong, India, Japan and Offshore financial centres)^[2]. Additionally, for financial account transactions and positions, as well as related income, data are available with a sector breakdown.

Context

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 statistics for the euro area, whereas the European Commission (Eurostat) focuses on quarterly and annual aggregates of the EU. The aggregates for the euro area and the EU are compiled consistently on the basis of EU countries' transactions with residents of countries outside the euro area and the European Union respectively.

Notes

↑ Offshore Financial Centres (OFC) is an aggregate which includes 40 countries. As examples, the aggregate contains European financial centres, such as Liechtenstein, Guernsey, Jersey, the Isle of Man, Andorra and Gibraltar; Central American OFC such as Panama and Caribbean islands like Bermuda, the Bahamas, the Cayman Islands and Turks and Caicos Islands; and Asian OFC such as Bahrain, Hong Kong, Singapore and the Philippines.
↑ See above Note 1.

Explore further

Database

Balance of payments (bop), see:

Balance of payments - international transactions (BPM6) (bop_6)

Legislation

Regulation (EC) No 184/2005 of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment.
Summaries of EU Legislation: EU statistics — balance of payments, trade in services and foreign direct investment
Regulation (EU) No 555/2012 of 22 June 2012 amending Regulation (EC) No 184/2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment, as regards the update of data requirements and definitions.
Regulation (EU) No 2016/1013 of 8 June 2016 amending Regulation (EC) No 184/2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment.

[1] Offshore Financial Centres (OFC) is an aggregate which includes 40 countries. As examples, the aggregate contains European financial centres, such as Liechtenstein, Guernsey, Jersey, the Isle of Man, Andorra and Gibraltar; Central American OFC such as Panama and Caribbean islands like Bermuda, the Bahamas, the Cayman Islands and Turks and Caicos Islands; and Asian OFC such as Bahrain, Hong Kong, Singapore and the Philippines.

[2] See above Note 1.

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