Current account
The current account of the euro area recorded a surplus of €366 billion (2.4% of euro area GDP) in the four quarters to the first quarter of 2025, following a €319 billion surplus (2.2% of GDP) a year earlier (Table 1). This increase was driven by larger surpluses for goods (from €309 billion to €374 billion) and services (from €139 billion to €161 billion). These developments were partly offset by a lower surplus for primary income (from €37 billion to €10 billion) and a widening deficit for secondary income (from €166 billion to €179 billion).
Estimates on goods trade broken down by product group show that in the four quarters to the first quarter of 2025, the increase in the goods surplus was mainly due to an increase in the surplus for chemical products (from 245 billion to €312 billion) and a reduction in the deficit for energy products (from €285 billion to €257 billion).
The larger surplus for services in the four quarters to the first quarter of 2025 was mainly due to a widening surplus for telecommunication, computer and information services (from €179 billion to €214 billion) and a lower deficit for other business services (from €61 billion to €47 billion). These developments were partly offset by a larger deficit for charges for the use of intellectual property (from €99 billion to €131 billion).
The decrease in the primary income surplus in the four quarters to the first quarter of 2025 was mainly due to smaller surplus in direct investment (from €101 billion to €53 billion) and a larger deficit in portfolio equity (from €172 billion to €200 billion). These developments were partly offset by a larger surplus in portfolio debt (from €58 billion to €86 billion) and other primary income (from €4 billion to €19 billion).