Eurozone Current Account Surplus Falls to €34.6 Billion as Goods, Services, and Primary Income Slow

Brussels | EcoPulse24

Eurozone current account data showed a notable contraction in December 2025, with the surplus falling to €34.6 billion from €45.9 billion in December 2024. This marks a clear shift in the region’s external flows at year-end.

The goods surplus dropped to €26.2 billion (from €29.3 billion), as imports grew by 6.9% while exports rose by a slower 4.6%. This divergence highlights competitive pressures, changing external demand, and relatively stronger domestic demand for imports.

Primary income surplus saw a sharper decline, reaching €15.2 billion (down from €23.6 billion), reflecting reduced net investment returns and cross-border financial flows. The services surplus also fell to €9.7 billion (from €13.2 billion), suggesting a moderated contribution from services to the external balance.

Conversely, the secondary income deficit narrowed to €16.5 billion (from €20.1 billion), partially limiting the overall decline in surpluses.

Annually, the current account surplus decreased to €261.4 billion in 2025 from €412.3 billion in 2024. Seasonally and working day-adjusted data showed a surplus of €255 billion (1.6% of GDP), compared to €407 billion (2.7% of GDP) the previous year.

Analysis: EcoPulse24

These results signal a gradual shift in the eurozone’s external position. The decline in the surplus, which previously supported the euro’s stability, is mainly driven by imports outpacing exports and weaker primary income. The reduced surplus-to-GDP ratio suggests the eurozone is moving towards a more balanced but less resilient external stance, warranting close monitoring amid global uncertainties.