EU Current Account, Q2 2026 — Surplus EUR 80.2 Billion (1.6% of GDP), Down From 98.0 Billion in Q1 2026

As of 6 October 2026 (KST); Eurostat estimates for the second quarter of 2026, released 2 October 2026. Primary source: Eurostat Euro indicators, "EU current account surplus €80.2 bn" — https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-02102026-cp^[1]

Comparison basis: Eurostat compares the quarter with the previous quarter (Q1 2026) and with the same quarter a year earlier (Q2 2025), using calendar and seasonally adjusted EU data. Figures are rounded to EUR 0.1 billion and 0.1% of GDP; the changes in the table are this page's calculations from those rounded figures. The estimates are provisional.^[1]

In three lines 1. The EU's seasonally adjusted current account surplus was EUR 80.2 billion (1.6% of GDP) in Q2 2026, down from 98.0 billion in Q1 and 91.7 billion a year earlier. 2. The primary income surplus fell from 15.7 to 0.8 billion and the services surplus from 48.1 to 41.7 billion; the goods surplus was little changed at 62.9 billion. 3. Not seasonally adjusted, the EU had its largest surplus with the United Kingdom (+89.8 billion) and deficits with China (-66.6 billion) and the USA (-30.3 billion).^[1]

Current account: all transactions between residents and non-residents in goods, services, primary income and secondary income. Capital account: capital transfers and non-produced, non-financial assets. Financial account: transactions in financial assets and liabilities (direct investment, portfolio investment, other investment, financial derivatives and employee stock options, reserve assets).^[1]

EU vs euro area aggregates: both count only transactions with residents outside the area (outside the EU27 for the EU, outside the euro area EA21 for the euro area). Eurostat compiles the EU figures; the ECB compiles the euro area figures. Bulgaria is part of the euro area from 1 January 2026.^[1]

Seasonally adjusted vs not seasonally adjusted: the headline and component balances are calendar and seasonally adjusted; partner-country, financial account and Member State figures are neither calendar nor seasonally adjusted. A positive balance is a surplus, a negative balance a deficit.^[1]

With the USA, the EU had a goods surplus of EUR 58.5 billion (57.3 a year earlier) and a services deficit of 49.2 billion (37.0). With China (excluding Hong Kong), the goods deficit was 78.3 billion (61.2). With the United Kingdom, the goods surplus was 53.9 billion and the services surplus 21.5 billion.^[1]

Direct investment assets of the EU increased by EUR 120.5 billion and liabilities by 1.4 billion, net outflows of 119.1 billion. Portfolio investment recorded a net inflow of 200.7 billion and other investment a net outflow of 104.8 billion. The net financial account was 96.5 billion (-26.1 billion in Q1 2026).^[1]

Eleven Member States recorded surpluses and sixteen deficits in Q2 2026. The highest surpluses were in Germany (+45.0), Ireland (+19.7), the Netherlands (+16.9), Denmark (+13.2), Sweden (+11.6) and Spain (+8.7); the largest deficits in Romania (-7.8), France (-6.5), Poland (-6.2) and Greece (-3.8). These national balances include trade with other EU countries, unlike the EU aggregate.^[1]

Seasonally adjusted vs not seasonally adjusted. The headline Q2 2026 surplus is EUR 80.2 billion seasonally adjusted; the not seasonally adjusted total in the partner table is 58.6 billion, a gap of 21.6 billion (this page's calculation). Partner figures should be compared with the not seasonally adjusted total, not with the headline.^[1]

EU vs euro area. The EU surplus (80.2 billion, 1.6% of GDP) and the euro area surplus (57.0 billion, 1.4% of GDP) measure transactions with different sets of non-residents and come from different compilers (Eurostat and the ECB).^[1]

Goods vs services with the USA. The EU's goods surplus with the USA (58.5 billion) and its services deficit (49.2 billion) together leave a surplus of 9.3 billion on goods and services (this page's calculation). The current account with the USA, which also includes primary and secondary income, was a deficit of 30.3 billion.^[1]

Quarter on quarter vs year on year. The surplus fell by 17.8 billion from Q1 2026 and by 11.5 billion from Q2 2025. The services surplus was lower than in Q1 but higher than a year earlier (38.5 billion); the primary income balance moved from a deficit of 2.4 billion a year earlier to a small surplus.^[1]

Of the 17.8 billion fall in the surplus from Q1 2026, the primary income account accounts for 14.9 billion and services for 6.4 billion, partly offset by a 4.1 billion smaller secondary income deficit, with goods 0.7 billion lower (this page's calculation from rounded figures). The component changes sum to -17.9 billion because the published figures are rounded. This is an accounting breakdown; Eurostat's release does not state causes.^[1]

The current account deficit with China (excluding Hong Kong) widened by 16.9 billion year on year and the deficit with the USA by 5.3 billion; the surplus with the United Kingdom grew by 15.2 billion and with Switzerland shrank by 19.6 billion (not seasonally adjusted).^[1]

Eurostat says the estimates are based on Member States' figures provided 82 days (euro area) or 85 days (non-euro area) after the quarter, should be considered provisional, and may be revised when later quarters are transmitted. Next release: 12 January 2027.^[1]