Current account
The current account of the euro area recorded a surplus of €265 billion (1.6% of euro area GDP) in the four quarters to the second quarter of 2026, following a €304 billion surplus (1.9% of GDP) a year earlier (Table 1). This decrease was mainly driven by a lower surplus for goods (from €318 billion to €288 billion) and by a wider deficit for secondary income (from €172 billion to €199 billion). These developments were partly offset by a higher surplus for primary income (from €8 billion to €26 billion), while the surplus for services remained stable at €150 billion.
Estimates on goods trade broken down by product group show that in the four quarters to the second quarter of 2026, the decrease in the goods surplus was mainly due to smaller surpluses for chemical products (from €306 billion to €252 billion) and machinery and manufactured products (from €228 billion to €217 billion). These developments were partly offset by a smaller deficit for energy products (from €256 billion to €236 billion), despite an increase in the deficit in the second quarter of 2026 compared to the same quarter one year ago (from €59 billion to €76 billion).
The stable surplus for services in the four quarters to the second quarter of 2026 reflected widening surpluses for telecommunication, computer and information services (from €229 billion to €247 billion) and travel (from €61 billion to €75 billion), which were partly offset by a larger deficit for charges for the use of intellectual property (from €128 billion to €155 billion).
The increase in the surplus for primary income in the four quarters to the second quarter of 2026 was mainly due to a larger surplus for other investment (from €12 billion to €29 billion) and a larger surplus for direct investment (from €53 billion to €59 billion). These developments were partly offset by a larger deficit for portfolio equity (from €209 billion to €215 billion).
