BRUSSELS, 5th October, 2024 (WAM) – In the second quarter of 2024, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €130.4 billion (+2.9 percent of GDP), compared with a surplus of €132.4 billion (+3.0 percent of GDP) in the first quarter of 2024 and a surplus of €78.1 billion (+1.8 percent of GDP) in the second quarter of 2023, according to estimates released by Eurostat, the statistical office of the European Union.
In the second quarter of 2024, based on non-seasonally adjusted data, the EU recorded current account surpluses with the United Kingdom (+€67.6 bn), offshore financial centres (+€38.3 bn), Switzerland (+€27.5 bn), Hong Kong (+€11.0 bn), Canada (+€10.1 bn), Brazil (+€8.7 bn), the USA (+€8.6 bn), Japan (+€2.7 bn) and Russia (+€1.4 bn). Deficits were registered with China (-€27.7 bn) and India (-€3.3 bn).
Based on non-seasonally adjusted data, in the second quarter of 2024, direct investment assets of the EU decreased by €85.0 bn and direct investment liabilities decreased by €163.7 bn.
As a result, the EU was a net direct investor to the rest of the world with net outflows of €78.7 bn. At the same time, portfolio investment recorded a net inflow of €91.6 bn, while other investment recorded a net outflow of €137.0 bn.
Fifteen Member States recorded surpluses, eleven recorded deficits and one Member State had its current account in balance in the second quarter of 2024. The highest surpluses were observed in Germany (+€62.3 bn), Ireland (+€35.5 bn), the Netherlands (+€24.3 bn), Denmark (+€13.7 bn), Sweden (+€13.4 bn), Spain (+€13.0 bn) and Italy (+€8.5 bn). The largest deficits were recorded for Romania (-€7.7 bn), France (-€6.1 bn) and Greece (‑€4.5 bn).