The Eurozone’s balance of payments surplus experienced a year-on-year decline in the first quarter, reaching 74.7 billion euros, which represented 1.9% of the Gross Domestic Product (GDP), according to data released today by Eurostat.
The European Union’s (EU) statistical service noted that in the same period of the previous year, the Eurozone’s current account balance recorded a surplus of 107.2 billion euros (2.2% of GDP) in the first quarter of 2024.
On a quarter-on-quarter basis, the balance of payments surplus slightly increased from 74.3 billion euros, remaining at 1.9% of GDP.
In the EU, the balance of payments surplus declined in the first quarter to 114 billion euros (2.5% of GDP) compared to 132.3 billion euros in the previous year (3.0% of GDP).
In the same quarter-on-quarter comparison, the EU’s current account balance surplus increased from 88.9 billion euros, representing 2.0% of the EU’s GDP.
In the first quarter of 2025, the EU recorded current account surpluses with the United Kingdom (67.9 billion euros), the USA (12.8 billion euros), Switzerland (12.3 billion euros), Canada (11.9 billion euros), Brazil (11.1 billion euros), Hong Kong (8.7 billion euros), offshore financial centers (5.1 billion euros), and Japan (4.0 billion euros).
The EU recorded deficits with China (-49.2 billion euros), India (-2.4 billion euros), and Russia (-1.2 billion euros).
