The current account of the euro area recorded a surplus of €12 billion in August 2025, a decrease of €18 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€15 billion) and services (€14 billion). Deficits were recorded for secondary income (€16 billion) and primary income (€1 billion).

In the 12 months to August 2025, the current account recorded a surplus of €303 billion (2.0% of euro area GDP), compared with a surplus of €404 billion (2.7% of euro area GDP) one year earlier. This decrease was explained by a deterioration of all the accounts, particularly by a switch from a surplus (€41 billion) to a deficit (€11 billion) for primary income, but also by a larger deficit for secondary income (up from €167 billion to €186 billion), and reductions in the surplus for services (down from €169 billion to €154 billion) and goods (down from €360 billion to €347 billion).

In direct investment, euro area residents made net investments of €123 billion in non-euro area assets in the 12 months to August 2025, following net disinvestments of €191 billion one year earlier (Chart 2 and Table 2). Non-residents invested €57 billion in net terms in euro area assets in the 12 months to August 2025, following net disinvestments of €472 billion one year earlier.

In portfolio investment, euro area residents' net purchases of non-euro area equity increased to €226 billion in the 12 months to August 2025, up from €139 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro area residents increased to €623 billion, up from €420 billion. Non-residents' net purchases of euro area equity increased to €387 billion in the 12 months to August 2025, up from €370 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €359 billion, following net purchases of €415 billion.

In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €489 billion in the 12 months to August 2025 (following net acquisitions of €202 billion one year earlier), while their net incurrence of liabilities was €367 billion (following net disposals of €209 billion one year earlier).

The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €245 billion in the 12 months to August 2025. This increase was driven by the current and capital accounts surplus and euro area non-MFIs' net inflows in other investment and portfolio investment equity. These developments were partly offset by euro area non-MFIs' net outflows in other flows, direct investment and portfolio investment debt.

In August 2025 the Eurosystem's stock of reserve assets increased to €1,507.8 billion up from €1,499 billion in the previous month (Table 3). This increase was driven by positive price changes (€13.8 billion), mostly due to an increase in the price of gold, and, to a lesser extent, by net acquisitions of assets (€1.2 billion) which were partly offset by negative exchange rate changes (€6.2 billion).

Data revisions

This press release incorporates revisions to the data for July 2025. These revisions did not significantly alter the figures previously published.

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