BRUSSELS – The European Union achieved a current account surplus of 114 billion euros in the first quarter of this year, equating to 2.5 percent of its GDP, as reported by Eurostat today. This represents an increase from the 88.9 billion euros recorded in the last quarter of 2024, although it is lower than the 132.3 billion euros surplus seen in the same quarter last year.
The trade in goods contributed a surplus of 117.9 billion euros, up from 85.5 billion euros in the previous quarter. The services sector also saw a rise, with a surplus of 46.1 billion euros compared to 42.1 billion in Q4 of 2024. However, the primary income balance deficit rose significantly from 10.1 billion to 21.3 billion euros, alongside a marginal increase in the secondary income deficit from 28.6 billion to 28.7 billion euros.
The capital account displayed a surplus of 2.9 billion euros, reversing a deficit of 1.9 billion euros from the last quarter of the previous year. Based on unadjusted seasonal data, the EU reported its largest trade surpluses with the United Kingdom at 67.9 billion euros, followed by the United States at 12.8 billion euros and Switzerland at 12.3 billion euros. Conversely, the largest trade deficit was with China, totaling 49.2 billion euros, followed by India at 2.4 billion euros and Russia at 1.2 billion euros. (July 3)
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