Current account
The current account of the euro area recorded a surplus of €240 billion (1.7% of euro area GDP) in 2023, after recording a deficit of €79 billion (0.6% of GDP) a year earlier (Table 1). This development was mainly driven by a switch from a deficit (€76 billion) to a surplus for goods (€246 billion) and, to a lesser extent, by an increase in the surplus for primary income (from €15 billion to €28 billion) and a decrease in the deficit for secondary income from €166 billion to €157 billion. These developments were partly offset by a reduction in the surplus for services (down from €148 billion to €123 billion).
The lower surplus for services was mainly due to a change from a surplus of €24 billion to a balanced account for transport services and widening deficits for other business services (from €43 billion to €60 billion) and other services (from €43 billion to €62 billion), partly offset by a larger surplus for telecommunication, computer and information services (from €147 billion to €163 billion).
The increase in the primary income surplus was mainly due to a larger surplus in direct investment income (from €24 billion to €85 billion), partly offset by a larger deficit in portfolio equity income (from €103 billion to €154 billion).
