Euro area monthly balance of payments: October 2024
19 December 2024
- Current account recorded €26 billion surplus in October 2024, down from €39 billion in previous month
- Current account surplus amounted to €435 billion (2.9% of euro area GDP) in the 12 months to October 2024, up from €206 billion (1.4%) one year earlier
- In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €623 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €741 billion in the 12 months to October 2024
Chart 1
Euro area current account balance
(EUR billions unless otherwise indicated; working day and seasonally adjusted data)
Source: ECB.
The current account of the euro area recorded a surplus of €26 billion in October 2024, a decrease of €13 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€30 billion) and services (€15 billion). Deficits were recorded for secondary income (€15 billion) and primary income (€5 billion).
Table 1
Current account of the euro area
(EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)
Source: ECB.
Note: Discrepancies between totals and their components may be due to rounding.
In the 12 months to October 2024, the current account surplus widened to €435 billion (2.9% of euro area GDP), up from €206 billion (1.4% of euro area GDP) one year earlier. This increase was mainly driven by a larger surplus for goods (up from €208 billion to €397 billion), and, to a lesser extent, by a larger surplus for services (up from €129 billion to €173 billion) and a smaller deficit for secondary income (down from €168 billion to €163 billion). These developments were partly offset by a reduction in the surplus for primary income (down from €36 billion to €28 billion).
Chart 2
Selected items of the euro area financial account
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.
In direct investment, euro area residents made net disinvestments of €79 billion in non-euro area assets in the 12 months to October 2024, declining from net disinvestments of €329 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €240 billion in net terms from euro area assets in the 12 months to October 2024, decreasing from net disinvestments of €411 billion one year earlier.
In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €154 billion in the 12 months to October 2024, up from €105 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €469 billion, up from €430 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €363 billion in the 12 months to October 2024, up from €143 billion one year earlier. Over the same period, non-residents’ net purchases of euro area debt securities decreased to €378 billion, down from €425 billion one year earlier.
Table 2
Financial account of the euro area
(EUR billions unless otherwise indicated; transactions; non-working day and non-seasonally adjusted data)
Source: ECB.
Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.
In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €377 billion in the 12 months to October 2024 (following net disposals of €101 billion one year earlier), while they recorded net disposals of liabilities of €43 billion (down from €340 billion one year earlier).
Chart 3
Monetary presentation of the balance of payments
(EUR billions; 12-month cumulated data)
Source: ECB.
Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.
The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €580 billion in the 12 months to October 2024. This increase was driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment equity and debt, other investment and other flows. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.
In October 2024 the Eurosystem’s stock of reserve assets increased to €1,386.9 billion, up from €1,318.9 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€61.4 billion), due to an increase in the price of gold, and, to a lesser extent, by positive exchange rate changes (€6.9 billion). These developments were partly offset by net sales of assets (€0.2 billion).
Table 3
Reserve assets of the euro area
(EUR billions; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted data)
Source: ECB.
Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.
Data revisions
This press release includes revisions to the seasonally and working-day adjusted current account and its components from January 2013 onwards owing to the incorporation of newly estimated seasonal and working-day factors. These revisions did not significantly alter the figures previously published.
Next releases:
- Quarterly balance of payments: 13 January 2025 (reference data up to the third quarter of 2024)
- Monthly balance of payments: 17 January 2025 (reference data up to November 2024)
For media queries, please contact Philippe Rispal, tel.: +49 69 1344 5482.
Notes
- Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
- Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.
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