Data from the European Central Bank showed that in May, the eurozone's current account surplus (seasonally adjusted) increased to 32.3 billion euros from 18.6 billion euros in April (revised from 18.6 billion euros). Economists had expected growth to reach 34.8 billion euros. Surpluses were recorded for goods (33 billion euros), services (13 billion euros) and primary income (2 billion euros). These were partly offset by a deficit for secondary income (16 billion euros).
In the 12 months to May 2025, the current account surplus was 333 billion euros (2.1% of eurozone GDP), compared with a surplus of 364 billion euros (2.5% of eurozone GDP) one year earlier. This decrease was mainly driven by a shift from a surplus to a deficit for primary income (from a 34 billion euros surplus to a 5 billion euros deficit), but also by a larger deficit for secondary income (up from 169 billion euros to 185 billion euros) and a reduction in the surplus for services (down from 153 billion euros to 146 billion euros). These developments were partly offset by a larger surplus for goods (up from 346 billion euros to 378 billion euros).
In the financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled 758 billion euros and non-residents’ net acquisitions of euro area portfolio investment securities totalled 744 billion euros in the 12 months to May 2025.