Overview of the Euro Area’s Current Account Performance in April 2026

In April 2026, the current account of the euro area demonstrated a notable surplus amounting to €16 billion, showcasing an increase from €15 billion recorded in the preceding month. This performance reflects robust balances in goods, which contributed €17 billion, and services that added €15 billion to the surplus. However, these gains were partially counteracted by deficits associated with secondary income that resulted in a €16 billion negative balance, along with a primary income deficit reaching €1 billion.

Annual Surplus Trends

Over the twelve months concluding in April 2026, the cumulative current account surplus reached €269 billion, equivalent to 1.7% of the euro area GDP. This marks a decline from the previous year’s surplus of €351 billion, which represented 2.3% of GDP. The reduction can be attributed to a variety of factors impacting all components of the current account: the surplus for goods decreased from €354 billion to €317 billion, while primary income shifted from a surplus of €12 billion to a deficit of €19 billion. Additionally, secondary income saw an increase in its deficit, rising from €181 billion to €192 billion, and service surpluses dropped from €166 billion to €162 billion.

Financial Account Analysis

Turning to the financial account, euro area residents made significant net acquisitions in non-euro area portfolio investment securities, totaling €794 billion in the year leading up to April 2026. Concurrently, non-residents acquired euro area portfolio investment securities amounting to €1,040 billion during the same timeframe.

Direct Investment Patterns

In terms of direct investments, euro area residents recorded net investments of €280 billion into non-euro area assets, a substantial increase from €150 billion logged in the previous year. Conversely, foreign investments in euro area assets fell to €8 billion from €43 billion a year earlier, indicating shifting dynamics in investment preferences.

Portfolio Investment Trends

Portfolio investment outcomes revealed that net purchases of non-euro area equities by euro area residents slightly declined to €218 billion from €227 billion. In debt securities, net purchases also experienced a drop to €576 billion, declining from €588 billion year-over-year. On the other hand, non-residents demonstrated a rising interest in euro area equities, resulting in net purchases soaring to €477 billion, while net purchases of euro area debt securities expanded to €563 billion, up from €328 billion previously.

Overall Monetary Picture

The monetary presentation of the balance of payments reports a rise in the net external assets of eurosystem monetary financial institutions (MFIs), which climbed by €228 billion in the twelve months ending in April 2026. This increase is primarily attributed to a surplus in the current and capital accounts coupled with significant net inflows in portfolio investment equities.

Eurosystem Reserve Assets

On a different note, the stock of reserve assets held by the Eurosystem stood at €1,888.0 billion in April 2026, reflecting a decrease from €1,908.1 billion the previous month. This reduction can be mainly ascribed to adverse price adjustments worth €12.0 billion due to a decline in gold prices, alongside negative exchange rate shifts of €5.0 billion and net asset sales of €3.0 billion.

Upcoming Releases

Looking ahead, the next significant releases include the quarterly balance of payments on July 3, 2026, with reference data up to the first quarter of that year, and the monthly balance of payments, which is scheduled for July 17, 2026, revealing data up to May 2026.

Media Contact Information

For further inquiries from the media, contact Benoit Deeg at benoit.deeg@ecb.europa.eu or via telephone at +49 172 1683704.