The European Union’s seasonally adjusted current account balance in the second quarter of 2024 recorded a surplus of €130.4 billion, which represents 2.9 per cent of GDP.

This marked a slight decrease from the surplus of €132.4 billion, or 3.0 per cent of GDP, observed in the first quarter of 2024.

However, it reflected a significant increase compared to the surplus of €78.1 billion, or 1.8 per cent of GDP, in the same quarter of 2023.

These estimates, released by Eurostat, the statistical office of the European Union, indicate ongoing strength in the EU’s external financial position, despite the marginal decline from the previous quarter.

In the second quarter of 2024, compared to the first quarter, seasonally adjusted data showed that the surplus of the goods account decreased from +€111.6 billion to +€101.2 billion, while the surplus of the services account increased from +€45.9 billion to +€53.6 billion.

The surplus of the primary income account also rose, from +€1.1 billion to +€5.0 billion, whereas the deficit of the secondary income account widened from -€26.1 billion to -€29.4 billion.

Additionally, during the same period, the deficit of the capital account decreased from -€13.5 billion to -€9.6 billion.