Overview of the Euro Area Balance of Payments: June 2026

On August 19, 2026, a significant financial update was announced regarding the Euro Area’s monthly balance of payments for June 2026. The current account surplus of €35 billion represented a notable increase from the previous month’s surplus of €26 billion. This upward trend was supported by surpluses in goods (€18 billion), primary income (€17 billion), and services (€16 billion), although it was partially counterbalanced by a secondary income deficit of €16 billion.

Current Account Surplus Trends

In the year preceding June 2026, the total accumulated surplus for the current account was reported at €276 billion, which constituted 1.7% of the euro area GDP. This marked a reduction from €305 billion (or 2.0% of GDP) the previous year, primarily caused by a drop in the goods surplus from €342 billion to €282 billion. Additionally, the secondary income deficit widened from €176 billion to €202 billion. However, there was a positive shift in primary income, with a surplus rising from a deficit of €10 billion to a surplus of €38 billion, alongside an increase in the surplus for services from €150 billion to €159 billion, helping to mitigate the overall decrease.

Financial Account Highlights

The financial account presented compelling insights as well, with euro area residents net acquiring €820 billion in non-euro area portfolio investment securities over the past year, while non-residents invested €1,123 billion in euro area portfolio investments. In terms of direct investments, net investments by euro area residents in non-euro area assets reached €352 billion, a notable increase from €173 billion the year prior. Conversely, non-residents’ net investments in euro area assets increased from €24 billion to €71 billion.

Portfolio Investments Overview

Within portfolio investments, euro area residents saw their net purchases of non-euro area equities decrease to €193 billion down from €258 billion, while net purchases of non-euro area debt securities rose to €627 billion, elevating from the previous figure of €604 billion. Meanwhile, non-residents’ net purchases of euro area equities surged to €499 billion from €450 billion, and their investments in euro area debt increased dramatically to €624 billion compared to the previous year’s €354 billion.

Monetary Presentation of the Balance of Payments

The monetary perspective of the balance of payments revealed a €270 billion increase in the net external assets of euro area monetary financial institutions (MFIs) during the twelve months leading up to June 2026. This increase was propelled by the surpluses from both the current and capital accounts, alongside net inflows in portfolio and other investments. However, counteracting movements were noted as euro area non-MFIs experienced net outflows in direct investments.

Reserve Assets Summary

At the end of June 2026, the Eurosystem’s reserve assets saw a decline, amounting to €1,755.4 billion, down from €1,872.8 billion the previous month. This reduction was largely attributed to adverse price changes totaling €123.5 billion, chiefly resulting from decreased values of monetary gold, alongside modest asset sales of €0.8 billion, partially offset by positive exchange rate impacts of €7.1 billion.

Upcoming Data Releases

The next scheduled release regarding the monthly balance of payments is set for September 18, 2026, featuring references back to July 2026, followed by the quarterly balance of payments update on October 2, 2026, which will provide further insights into the second quarter of 2026.

For inquiries, media representatives are encouraged to contact Benoit Deeg at benoit.deeg@ecb.europa.eu or call +49 172 1683704.