Press Release: Euro Area Monthly Balance of Payments for January 2026
The current account of the euro area demonstrated a robust performance in January 2026, achieving a surplus of €38 billion, which marked a notable increase from the previous month’s €13 billion surplus. This uptick signifies a substantial evolution in the balance of payments, particularly in key sectors.
Over the course of the past year, the current account secured an aggregate surplus of €261 billion, equating to 1.6% of the euro area’s GDP. In stark contrast, the preceding year reported a more significant surplus of €377 billion, which comprised 2.5% of the GDP. The shift, consequentially, can be attributed to a range of factors influencing both primary income and service sectors.
In terms of specifications, the surplus for goods accounted for €33 billion, while the services sector generated a €16 billion surplus, complemented by a primary income surplus of €4 billion. However, these positive figures were somewhat counterbalanced by a secondary income deficit of €15 billion, indicating areas of financial outflow that require further monitoring.
Financial Account Overview
The financial account analysis reveals that euro area residents expanded their investments outside the eurozone, amassing €786 billion in net acquisitions of non-euro area portfolio investment securities during the 12 months leading to January 2026. Conversely, non-residents increased their net acquisitions of euro area securities, amounting to €914 billion during the same period, reflecting an ongoing interest in euro-denominated assets.
Direct investment saw euro area residents committing €151 billion into non-euro area assets, a decline from the previous year’s €211 billion. In addition, non-resident activity revealed a disinvestment trend, with a net withdrawal of €10 billion from euro area assets noted during this 12-month timeline.
Current Trends in Portfolio Investment
The portfolio investment segment reflected a decrease in euro area residents’ net purchases of non-euro area equities, dropping to €186 billion—a significant reduction from €256 billion the year before. However, an uptick was observed in net purchases of non-euro area debt securities, increasing to €599 billion from €575 billion. This indicates a selective emphasis on debt over equity for investors within the eurozone.
Similarly noteworthy is the increase in non-residents’ engagement, as they escalated their net purchases of euro area equities to €489 billion, up from €415 billion, alongside net purchases of euro area debt securities totaling €426 billion, reflecting a stable demand within this asset class.
Reserve Asset Development
The Eurosystem’s reserve assets experienced growth, with totals reaching €1,987.1 billion in January 2026, up from €1,774.9 billion in December 2025. This increase can be largely attributed to positive price shifts, including notable gains in gold prices, although currency fluctuations did exert some negative pressure on overall asset value.
Furthermore, Bulgaria’s integration into the euro area as of January 1, 2026, necessitated adjustments in euro area’s external statistics, reflecting the new economic reality and interactions between Bulgarian agents and non-euro area entities. This inclusion has been calculated to have minimal impact on overall euro area aggregates, ensuring continuity in statistical analysis.
Upcoming Releases
Looking ahead, the next scheduled releases include the quarterly balance of payments report on April 9, 2026, and the monthly balance of payments report on April 17, 2026, which will extend the analysis of financial trends in the euro area.
For media inquiries, reach out to Benoît Deeg at +49 172 1683704.
