Balance of payments statistics - quarterly data

Data extracted in July 2024.

Planned article update: 4 October 2024.

Highlights

EU current account recorded a surplus of €118.2 billion in the first quarter of 2024.

In the first quarter of 2024 the EU goods account surplus reached €101.9 billion.

Balances of EU current account main items as share of GDP, 2024Q1 (%)
Source: Eurostat (bop_gdp6_q)

This article presents quarterly statistics on balance of payments in the EU, the euro area and the Member States. 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.

Full article

Current account

The EU non-seasonally adjusted external current account recorded a surplus of €118.2 billion (+2.8 % of GDP) in the first quarter of 2024, compared with the current account balance of €35.9 billion (0.9 % of GDP) in the first quarter of 2023, according to the estimates released by Eurostat.

Figure 1: Balances of EU current account main items as share of GDP, 2024Q1 (%)
Source: Eurostat (bop_gdp6_q)

In the first quarter of 2024 compared with the first quarter of 2023, based on non-seasonally adjusted data, the surplus of the goods account increased (+€101.9 billion compared with +€38.7 billion), as did the surpluses of the services account (+€25.1 billion compared with +€21.0 billion) and the primary income account (+€17.1 billion compared with +€3.9 billion). The deficit of the secondary income account decreased (-€25.9 billion compared with -€27.6 billion). In the capital account, the EU recorded a deficit of -€17.8 billion, compared with a deficit of -€11.2 billion in the first quarter of 2023.

Looking at values of credit and debit transactions by components of the current account, it can be observed that both credit and debit transactions for goods decreased in the first quarter of 2024 compared with the same quarter of the previous year. Higher decrease was recorded for debit transactions of goods account (-12.9 %), while credit transactions decreased at a lower rate (-2.7 %). The highest increase was recorded for credit transactions of primary income account (+11.2 %), followed by credit transactions of services account and secondary income account (+6.7 % and +6.4 %, respectively). Debit transactions of primary income account and services account increased as well (+6.1 % and +5.8 %, respectively).

Table 1: Main items of the current and capital account, EU, 2024Q1 (€ billion)
Source: Eurostat (bop_eu6_q)

The surplus recorded in the services account (+€25.1 billion) was mainly the result of surpluses in telecommunications, computer and information services (+€45.1 billion), financial services (+€4.6 billion), manufacturing services on physical inputs owned by others (+€3.5 billion), transport and travel (both +€3.3 billion), partially offset by deficits in charges for the use of intellectual property (-€29.0 billion) and other business services, which include research and development, professional, management consulting, technical, trade-related and other business services (-€10.2 billion).

Table 2: Trade in services with the rest of the world, EU, 2024Q1 (€ billion)
Source: Eurostat (bop_eu6_q)

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

The primary income surplus (+€17.1 billion) was the result of the surpluses in direct investment income (+€12.2 billion), compensation of employees (+€7.8 billion) and other investment income (+€4.7 billion), partially offset by a deficit in portfolio investment income (-€13.7 billion).

Table 3: Primary income with the rest of the world, EU, 2024Q1 (€ billion)
Source: Eurostat (bop_eu6_q)

Geographical breakdown of current account transactions

In the first quarter of 2024, the EU external current account recorded a surplus with the United Kingdom (+€65.7 billion), Switzerland (+€25.6 billion), the United States (+€18.0 billion), Canada (+€9.6 billion), Hong Kong (+€8.9 billion), offshore financial centres^[1] (+€8.6 billion), Brazil (+€8.0 billion), Japan (+€2.2 billion) and Russia (+€1.4 billion). Deficits were registered with China (-€29.7 billion) and India (-€1.0 billion).

The EU recorded highest surpluses in goods account with the United States (+€58.8 billion), the United Kingdom (+€48.0 billion), Switzerland (+€8.0 billion), offshore financial centres (+€6.7 billion), Canada (+€6.0 billion), Hong Kong (+€4.6 billion) and Japan (+€2.0 billion), while deficits were registered with China (-€40.2 billion), Brazil (-€1.3 billion), India (-€0.8 billion) and Russia (-€0.1 billion). In the services account, the surpluses took place with Switzerland (+€14.7 billion), the United Kingdom (+€7.9 billion), China (+€5.3 billion), Japan (+€4.6 billion), Hong Kong (+€4.2 billion), Brazil (+€3.6 billion), Canada (+€1.5 billion) and Russia (+€1.3 billion), the deficits with the United States (-€36.2 billion), India and offshore financial centres (both -€1.8 billion). Highest surpluses in the primary income account occurred with the United Kingdom (+€7.2 billion), Brazil (+€6.2 billion), China (+€5.7 billion), offshore financial centres (+€4.3 billion), Switzerland (+€4.2 billion), Canada (+€2.3 billion) and India (+€2.1 billion), while deficits were recorded with Japan (-€4.6 billion) and the United States (-€4.1 billion). In the secondary income account, surpluses were registered with the United Kingdom (+€2.5 billion) and Japan (+€0.2 billion), while highest deficits were recorded with Switzerland (-€1.3 billion), China (-€0.6 billion), Brazil, the United States, offshore financial centres (all -€0.5 billion) and India (-€0.4 billion).

Table 4: Balances with major economic partners, EU, 2024Q1 (€ billion)
Source: Eurostat (bop_eu6_q)

Financial account

In the first quarter of 2024 there was a net increase of financial assets held abroad by EU residents by €554.1 billion and a net increase of liabilities of EU residents to the rest of the world by €451.2 billion. The EU was the net direct investor to the rest of the world with net outflows of €83.2 billion. Direct investment assets held abroad by EU investors increased by €118.2 billion and direct investment liabilities of the EU to the rest of the world increased by €35.0 billion.

Table 5: Financial account transactions with the rest of the world, EU, 2024Q1 (€ billion)
Source: Eurostat (bop_eu6_q)

Portfolio investment recorded a net inflow of €48.7 billion. Portfolio investment assets abroad increased by €147.5 billion, as did portfolio investment liabilities of the EU to the rest of the world by €196.2 billion. Other investment recorded a net outflow of €34.4 billion. EU investors increased their other investment assets held abroad by €254.4 billion, while other investment liabilities of the EU to the rest of the world increased by €220.0 billion.

Current account of EU 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, 18 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 are not available). The highest surpluses were observed in Germany (+€83.6 billion), the Netherlands (+€28.3 billion), Ireland (+€22.6 billion), Spain (+€12.0 billion), Sweden (+€10.3 billion), Austria (+€9.0 billion) and Denmark (+€7.2 billion), while the largest deficits in Greece (-€4.1 billion), Romania (-€4.0 billion) and Croatia (-€2.7 billion).

In relation to GDP (size of the economy), the highest surpluses can be observed for Ireland (+18.5 %), the Netherlands (+10.7 %), Luxemburg (+8.7 %), Denmark, Germany (both +8.0 %), Austria and Sweden (both +7.5 %). The largest deficits were recorded for Croatia (-15.1 %), Cyprus (-11.9 %), Greece (-7.8 %) and Romania (-5.9 %).

Figure 2: National current account balances as share of GDP, 2024Q1 (%)
Source: Eurostat (bop_gdp6_q)

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

International investment position of EU Member States

In the first quarter of 2024, external liabilities were higher than assets in 14 EU Member States (representing negative net international investment position), while external assets exceeded liabilities in twelve Member States (Belgium, Denmark, Germany, Italy, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Slovenia, Finland and Sweden). Germany recorded the highest value of net IIP of €3 071.4 billion, due to direct, portfolio and other investment positions, being followed by the Netherlands (€495.2 billion), Belgium (€379.9 billion), Sweden (€245.1 billion), Italy (€165.2 billion) and Denmark (€146.1 billion), mainly due to direct investment in case of the Netherlands, Sweden and Denmark and portfolio investment in case of Belgium and Italy. Greece, Cyprus and Ireland recorded high indebtedness levels, which were above 90 % of GDP, mainly due to other investment in case of Greece, direct investment in case of Cyprus and portfolio investment in 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 Member States, 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 Member States' transactions with residents of countries outside the euro area and the European Union respectively.

Direct access to

Database

Balance of payments (bop), see:

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

Quality report on balance of payments (BOP), international trade in services (ITS) and foreign direct investment (FDI) - 2020 edition — Statistical Reports
Quality report on balance of payments (BOP), international trade in services (ITS) and foreign direct investment (FDI) - 2019 edition — Statistical Reports
Current account asymmetries in EU-US statistics - 2019 edition — Statistical Reports
Quality report on balance of payments (BOP), international trade in services (ITS) and foreign direct investment (FDI) DATA 2017 — Statistical Reports
Quality report on balance of payments (BOP), international trade in services (ITS) and foreign direct investment (FDI) statistics — Statistical Reports
Transatlantic trade in services: Investigating bilateral asymmetries in EU-US trade statistics — Statistical Reports
Consistency between national accounts and balance of payments statistics — An updated view on the non financial accounts — Statistical Reports
Quality report on balance of payments (BOP), international trade in services (ITS) and foreign direct investment (FDI) statistics — Statistical Reports
Quality report on balance of payments, international trade in services and foreign direct investments — 2014 data — Statistical Working Papers
EU current account surplus €107.9 bn — News Release from 09/04/2024
EU current account surplus €85.4 bn — News Release 007/2024 of 11/01/2024
EU-27 current account surplus €73.0 bn — News Release 113/2023 of 05/10/2023
EU-27 current account surplus €58.3 bn — News Release 75/2023 of 04/07/2023
EU-27 current account deficit €7.9 bn — News Release 41/2023 of 05/04/2023
EU-27 current account deficit €60.1 bn — News Release 7/2023 of 11/01/2023

International Monetary Fund — Balance of Payments and International Investment Position Manual — 6th edition, 2009
Additional methodological publications
- Balance of Payments Vademecum
User guide on European statistics on international trade in goods — 2014 edition Publication, December 2014
Manual on goods sent abroad for processing — 2014 edition Publication, September 2014

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.

Main changes in the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual

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.

[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.

[1]

[2]