Data extracted in June 2026

Planned article update: June 2027

Balance of payments statistics

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Data extracted in June 2026

Planned article update: June 2027

Highlights

The EU recorded a current account surplus of €365 billion in 2025 vis-à-vis the rest of the world.
In 2025, the EU had a current account surplus of €283 billion with the United Kingdom and a deficit of -€214 billion with China.
Around three-fifths of EU countries' international trade in goods and almost half of EU countries' international trade in services was with other EU countries in 2025.

[[File:Balance of payment statistics 25 06 2026.xlsx]]

Current account balance, 2025

  • (¹) EU vis-à-vis extra-EU.
  • (²) Euro area vis-à-vis extra-euro area.
  • (³)This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence.
  • Source: Eurostat (online data code: bop_gdp6_q)

The balance of payments records all economic transactions between resident and non-resident entities during a given period. This article presents data on the current and financial accounts of the balance of payments for the European Union (EU) and its EU countries. Data are presented following the methodology of the IMF's sixth balance of payments manual (BPM6).

The balance of the current and capital accounts determines the exposure of an economy to the rest of the world, whereas the financial account explains how it is financed. There are also transactions that take place in the financial account, only. Ideally, the balance of the current and capital accounts should equal the total net of the financial account, otherwise net errors and omissions are recorded. Articles on foreign direct investment provide more information on one component of the financial account, while an article on international trade in services focuses on one component of the current account.


Current account

The current account of the EU, (EU vis-à-vis extra-EU), showed a surplus of €365.3 billion in 2025 (see Figure 1), corresponding to 1.9% of gross domestic product (GDP). By comparison, in 2022 the current account exhibited a surplus of just €6.4 billion. After a steady increase between 2014 to 2017, the annual current account surplus decreased in 2018, 2019 and 2020 to €307.4 billion, reached a peak of €412.7 billion in 2021 and dropped very siginficantly in 2022. The decrease from 2021 to 2022 was mostly caused by a significant deficit in the goods account while the services and the primary income account continued to record surpluses. Since then the current account surplus has increased again and reached its highest level of €475.8 billion in 2024.

a vertical bar chart with two lines showing the current account transactions in the EU from 2014 to 2025 in euro billion. The bars show the balance and the lines show credit and debit.For more details please use the link to the source dataset code below the image.
Figure 1: Current account transactions, EU, 2014-2025
Source: Eurostat (bop_eu6_q, nama_10_gdp)

Among the partner countries and regions shown in Figure 2, the EU's current account deficit was by far the largest with China, standing at -€214.4 billion in 2025, followed by India (-€4.6 billion). On the other hand, the highest current account surpluses were recorded with the United Kingdom (€283.2 billion), Switzerland (€77.6 billion) and Canada (€44.2 billion). An overall surplus was also recorded with offshore financial centres[1], Brazil, Hong Kong, Japan, Russia and the United States.

a vertical bar chart showing the current account balance with selected partners in the EU in 2025 in euro billion. In the United Kingdom, Switzerland, Canada, the United States, offshore financial centers, Hong Kong, Brazil, Japan, India, Russia and China excluding Hong Kong. For more details please use the link to the source dataset code below the image.
Figure 2: Current account balance with selected partners, EU, 2025
Source: Eurostat (bop_eu6_q)

There were 11 EU countries that reported current account deficits in 2025 vis-à-vis the rest of the world compared with 19 in 2022. Surpluses were recorded by 16 EU countries (see Figure 3 and Table 1). The largest relative current account deficits measured as a share of GDP were observed for Romania (-7.9%), Cyprus (-6.4%), and Greece (-5.7%), while Denmark (12.5%), Malta (8.6%) and Ireland (8.2%) reported the highest surpluses relative to GDP in their current accounts. In absolute terms, however, Germany recorded by far the largest current account surplus (€202.7 billion) and Romania the largest current account deficit (-€29.9 billion).

A stock chart showing the Main components of the current account balances in 2025 as a percentage of GDP the in the EU, the euro area, EU Member States and some of the EFTA countries, candidate countries. For more details please use the link to the source dataset code below the image.
Figure 3: Main components of the current and capital accounts balances, 2025
Source: Eurostat (bop_gdp6_q, bop_gdp6_q)

By taking a closer look at the current account components, it becomes apparent that the EU's current account surplus in 2025 was built upon positives balances in the goods and services accounts (€386.5 billion and €153.7 billion respectively) despite exhibiting a negative balance in the primary income (-€58.2 billion) and secondary income account (-€116.7 billion) — see Table 1. The current account surplus for the euro area (€275.9 billion) was generated by a huge surplus in the goods account (€362 billion) and a considerable positive balance for services (€144.1 billion). The surplus in goods and services was partly offset by negative balances in the primary income (-€44.2 billion) and secondary income account (-€186 billion).

At EU country level, Ireland (€230.3 billion) displayed the largest surpluse vis-à-vis the rest of the world (intra-EU + extra-EU) in absolute terms in the goods accounts resulting, inter alia, from cross border activities of domestic MNEs, merchanting or processing activities. Germany (€184.2 billion) and the Netherlands (€87.5 billion) were also amongst the major net exporters of goods, while 16 EU countries faced negative balances in their goods accounts in 2025. Among those, France was by far the largest net importer of goods (-€58.7 billion), followed by Spain (-€49 billion) and Greece (-€33.8 billion). The highest net exporters of services in 2025 were Spain (€113.5 billion), France (€51.9 billion) and the Netherlands (€44.8 billion). Net importers of services were Germany (-€73.5 billion), Belgium (-€13.2 billion), Sweden (-€10.8 billion), Italy (-€7.8 billion) and Finland (-€4.7 billion).

Among EFTA countries, Norway (€66.3 billion) and Switzerland (€65.6 billion) reported a significant current account surplus in 2025 due to huge net exports for goods (€64.3 billion and €98.1 billion). Iceland exhibited a current account deficit (-€1.2 billion) generated mainly by transactions concerning goods (-€2.7 billion).

A table showing the main components of the current account balance and the capital account balance in 2025 the in the EU, the euro area, EU Member States and some of the EFTA countries, candidate countries. For more details please use the link to the source dataset code below the image.
Table 1: Main components of the current account balance and the capital account balance, 2025
Source: Eurostat (bop_eu6_q, bop_c6_a)

Altogether 11 EU countries recorded surpluses for goods in 2025, while 22 EU countries recorded surpluses for services with the rest of the world — see Figure 3. Among those with the largest relative surpluses in goods were Ireland (36.1% of GDP), Denmark (10.6% of GDP) and the Netherlands (7.4% of GDP). The highest relative surpluses in services were measured for Luxembourg (33.8% of GDP), Malta (32% of GDP) and Cyprus (25.2% of GDP). The economies with the largest relative net deficit in goods were Croatia (-21% of GDP), Cyprus (-19.5% of GDP) and Greece (-13.6% of GDP). Belgium exhibited the highest relative net deficit (-2.1% of GDP) for services.

Overall 58.5% of EU countries' international trade in goods and almost half of their trade in services (49.9%) were related to trade with other EU countries in 2025 — see Figure 4. Cross-border trade in goods with EU partners was highest in Estonia (80%) and in addition 11 other EU countries recorded shares of over 70%. The lowest share was reported by Ireland (34.2%). Cross-border trade in services with other EU economies was most prominent in Slovakia (80.3%), Austria (75.3%), Slovenia (74.6%) and lowest in Ireland (23.6%).

A double vertical bar chart showing the Intra-EU exposure of trade in goods and services in 2025 as a percentage of rest of the world in the EU, the euro area, EU Member States and some of the EFTA countries, candidate countries. The two bars show goods and services for each country. For more details please use the link to the source dataset code below the image.
Figure 4: Intra-EU exposure of trade in goods and services, 2025
Source: Eurostat (bop_eu6_q, bop_c6_a)


Capital account

The capital account of the EU traditionally displays a deficit, resulting from considerable net capital transfers to the rest of the world. In 2025, this trend continued with a capital account deficit of -€20.2 billion — see Table 1.

Looking at individual country data, 7 EU countries recorded a negative capital account balance with the rest of the world. The highest capital account deficit was reported by Germany (-€28.2 billion, -0.6% of GDP).

Financial account

The financial account consists of direct investment (FDI), portfolio investment, other investment, (net) financial derivatives and employee stock options and reserve assets. Financial account transactions are split into assets and liabilities that are recorded as net values (net acquisition of financial assets, net incurrence of financial liabilities). Accordingly, the financial account balance is interpreted as net lending to the rest of the world when positive, and net borrowing from the rest of the world when negative.

The EU financial account (EU vis-à-vis extra-EU) exhibits a surplus of €123 billion in 2025. The net value of the euro area financial account is positive (€303.7 billion) as well. These balances related to 0.7% of GDP (EU) and 1.9% of GDP (euro area). The recorded surplus in the financial account of the EU resulted mainly due to transactions in direct investment which contributed in net terms €191.7 billion to the positive EU net financial account value in 2025. This surplus in direct investment transactions is the result of increases in net assets (€277 billion) and increases in net liabilities (€85.3 billion) vis-à-vis extra-EU.

a table showing the Main components of the financial account balance with the rest of the world, 2025 in the EU, the euro area, EU Member States and some of the EFTA countries, candidate countries. For more details please use the link to the source dataset code below the image.
Table 2: Main components of the financial account balance with the rest of the world, 2025
Source: Eurostat (bop_eu6_q, bop_eu6_q, bop_c6_a and bop_c6_a)

In 2025, the largest net lender vis-à-vis the rest of the world in absolute terms in the EU was Germany with €263.2 billion (see Table 2). The German financial surplus was mainly achieved through positive net increases in other investment (€160.7 billion - increase in net assets minus increase in liabilites) and net increases in portfolio investment (€51.7 billion - increase in net assets minus increase in liabilites). France in contrast was the largest net borrower from the rest of the world in 2025 with a financial account deficit of -€26 billion. The financial account deficit of France was driven by huge negative net increases in other investment (-€136.9 billion - increase in net assets minus increase in liabilites) that were partly compensated by a positive net increase in portfolio investment activites (€73.6 billion). The Netherlands recorded the largest net increases in direct investment assets (€133.8 billion) and Germany in direct investment liabilities (€86.1 billion) while Ireland showed the largest net increases in portfolio investment assets (€522.2 billion) and Luxembourg in portfolio investment liabilities (€490.2 billion). The major hubs for financial account transactions in the EU in 2025 were France, Ireland, Germany and Luxembourg.

Among EFTA countries, Switzerland recorded the highest surplus in the net financial account (€84.2 billion). Switzerland's positive balance in its financial account was determined to some extent by positive net direct investment activities (€35.9 billion).

Looking at the financial account balance of individual countries relative to their GDP, a total of 15 EU countries were net lenders vis-à-vis the rest of the world in 2025 and showed surpluses in their net financial accounts. The highest value relative to its GDP was reported by Malta (10%), Denmark (9.1%) and Ireland (7.9%). In contrast, 12 EU countries were net borrowers, among those Cyprus (-6.4% of GDP) exhibited the highest relative deficit in regard to its GDP — see Figure 5.

A vertical bar chart showing the financial account balance in 2025 as a percentage of GDP in the EU, the euro area, EU Member States and some of the EFTA countries, candidate countries. For more details please use the link to the source dataset code below the image.
Figure 5: Financial account balance, 2025)
Source: Eurostat (bop_gdp6_q, bop_gdp6_q)

Source data for tables and graphs

Data sources

The main methodological reference used for the production of balance of payment statistics is the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) of the International Monetary Fund (IMF). This set of international standards were developed, partly in response to important economic developments, including an increased role for globalisation, rising innovation and complexity in financial markets, and a greater emphasis on using the balance sheet as a tool for understanding economic activity (asset–liability principle). The IMF Statistics Department published the updated version of the Manual (BPM7) in March 2025. The BPM6 update is being coordinated with the updated version of the System of National Accounts (2025 SNA). At the moment it is foreseen that the new manuals will be implemented in the EU in September 2030.

The transmission of balance of payments data to Eurostat is covered by Regulation (EC) No 184/2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment. New data requirements according to the BPM6 are included in Commission Regulation (EU) No 555/2012 of 22 June 2012 and Commission Regulation (EU) No 1013/2016 of 8 June 2016 as an amendment to the above.

In April 2026, the first provisional data for the 4th quarter of 2025 became available, from which the first estimate of the annual results for 2025 have been produced.

Current account

The current account of the balance of payments provides information not only on international trade in goods (traditionally the largest category), but also on international transactions in services, primary and secondary income. For all these transactions, the balance of payments registers the value of credits (exports) and debits (imports). A positive balance — a current account surplus — shows that an economy is earning more from its international export transactions than spending abroad from import transactions with other economies, and is therefore a net creditor (net exporter) towards the rest of the world.

The current account gauges a country's economic situation in the world, covering all transactions that occur between resident and non-resident entities. More specifically, the four components of the current account are defined, according to the BPM6, as follows.

  • International trade in goods covers general merchandise, net exports of goods under merchanting and non-monetary gold. Exports and imports of goods are recorded on a so-called free-on-board (FOB) valuation — in other words, at market value at the customs frontiers of exporting economies, thus including charges for insurance and transport services up to the frontier of the exporting economy. As a consequence for imports an FOB adjustment is required in order to deduct the value of freight and insurance premiums incurred for the transport up to the border of the importing economy.
  • International trade in services consists of the following items: manufacturing services performed on physical inputs owned by others (goods for processing), maintenance and repair services, transport services, travel, which includes primarily the goods and services EU travelers acquire from non-EU residents, or vice versa; and other services, which include construction services, insurance and pension services, financial services, charges for the use of intellectual property not included elsewhere, telecommunications, computer and information services, other business services (which comprise research and development services, professional and management consulting services, technical and other trade-related services), personal, cultural and recreational services, and government services not included elsewhere.
  • Primary income covers basically three types of transactions: compensation of employees paid to non-resident workers or received from non-resident employers, investment income from direct, portfolio, other investment and reserve assets, and other primary income (taxes on production and on imports, subsidies and rent). All investment income components cover income on equity and investment fund shares (divided between distributed and accrued income) and interest from investment in debt securities, deposits or loans, and investment withdrawals from income of quasi-corporations.
  • Secondary income includes general government current transfers, for example payments of current taxes on income and wealth, social contributions and benefits, transfers related to international cooperation, and current transfers related to financial and non-financial corporations, households, or non-profit organisations.

Capital account

The capital account of the balance of payments provides information on the acquisition of non-financial assets by residents in the rest of the world, or by non-residents in the compiling economy, for example investment in real estate. It also includes capital transfers by general government and financial, non-financial corporations, households or non-profit organisations (also specifically covering debt forgiveness).

Financial account

The financial account of the balance of payments covers all transactions associated with changes of ownership in financial assets and liabilities of an economy with the rest of the world. The financial account is broken down, according to the BPM6, into five main components: direct investment, portfolio investment, financial derivatives (other than reserves) and employee stock options, other investment, and reserve assets. All components are recorded according to the asset–liability principle, which supports the full implementation of the balance sheet approach in the financial account. In this regard, net values are recorded and have to be interpreted by keeping the underlying gross transactions in mind — net acquisition of assets is based on the acquisition of new assets minus the sale of assets during the observed period, while net incurrence of liabilities consists of the issue of new liabilities minus redemptions of outstanding liabilities. The resulting balance of net assets minus net liabilities is interpreted as net lending to the rest of the world when positive, or net borrowing when negative.

Direct investment implies that a resident direct investor makes an investment that gives control or a significant degree of influence on the management of an enterprise in another economy. Within this classification, FDI in equity/investment fund shares (plus reinvestment of earnings where applicable) and in debt securities are distinguished. A breakdown is required for transactions by a direct investor in direct investment enterprises, reverse investments and international transactions between fellow enterprises with the ultimate controlling parent being either resident or non-resident. More aspects are covered in dedicated articles on foreign direct investment.

Portfolio investment records the transactions in negotiable financial securities with the exception of the transactions which fall within the definition of direct investment or reserve assets. Two main components are identified: equity securities and debt securities (bonds and notes or money market instruments).

Financial derivatives (other than reserves) and employee stock options are financial instruments that are linked to another specific financial instrument, indicator or commodity, and through which specific financial risks can be traded in financial markets in their own right. Transactions in financial derivatives are treated as separate transactions, rather than integral parts of the value of underlying transactions to which they may be linked. They are disseminated as net value of assets and liabilities only.

Other investment covers the following types of instruments — other equity, currency and deposits (in general, the most significant item), loans, insurance/pension/and standardised guarantee schemes, trade credits and advances, other accounts receivable/payable and special drawing rights.

Reserve assets are foreign financial assets available to and controlled by monetary authorities; they are used for financing and regulating payments imbalances or for other purposes.

Context

The EU is a major player in the global economy for international trade in goods and services, as well as foreign investment. Balance of payments statistics give a complete picture of all external transactions for the EU and its individual Member States. Indeed, these statistics may be used as a tool to study the international exposure of different parts of the EU's economy, indicating its comparative advantages and disadvantages with the rest of the world, and to calibrate the implied macroeconomic risks for the economy. The financial and economic crisis 2007-2008 underlined the importance of developing such economic statistics insofar as improvements in the availability of data on the real and financial economies of the world could have helped policymakers and analysts when the crisis unfolded; for example, if internationally comparable information about financial transactions and exposure in specific assets and liabilities had been available earlier.

The European Commission launched new policy proposals in this domain aiming to stimulate the economic recovery (such as the European Fund for Strategic Investments), and to launch regular initiatives to calibrate macroeconomic risks in the EU Member States (such as the macroeconomic-imbalances-procedure[1]). Further details on the European Commission's initiatives are available from the website of the European Commission's Directorate-General for Economic and Financial Affairs, where more detailed information may be found on a range of recent priorities, for example Growth and Investment and The European semester.

Footnotes

  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 Philippines. ↑

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

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