- PRESS RELEASE
Euro area monthly balance of payments: June 2023
22 August 2023
- Current account recorded €36 billion surplus in June 2023, up from €8 billion in previous month
- Current account deficit amounted to €9 billion (0.1% of euro area GDP) in 12 months to June 2023, compared with a surplus of €123 billion (1.0%) one year earlier
- In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €139 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €326 billion in 12 months to June 2023
Euro area current account balance
The current account of the euro area recorded a surplus of €36 billion in June 2023, an increase of €28 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€39 billion), services (€8 billion) and primary income (€4 billion). These were partly offset by a deficit for secondary income (€15 billion).
Current account of the euro area
In the 12 months to June 2023, the current account recorded a deficit of €9 billion (0.1% of euro area GDP), compared with a surplus of €123 billion (1.0% of euro area GDP) one year earlier. This development was mainly driven by a switch from a surplus (€83 billion) to a deficit (€12 billion) for primary income and by a reduction in the surplus for services (down from €139 billion to €84 billion). These developments were partly offset by a larger surplus for goods (up from €70 billion to €80 billion) and a smaller deficit for secondary income (down from €169 billion to €162 billion).
Selected items of the euro area financial account
In direct investment, euro area residents made net disinvestments of €153 billion in non-euro area assets in the 12 months to June 2023, following net investments of €305 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €213 billion in net terms from euro area assets in the 12 months to June 2023, following net disinvestments of €124 billion one year earlier.
In portfolio investment, net purchases of non-euro area debt securities by euro-area residents increased to €198 billion, up from €137 billion one year earlier. Over the same period, euro area residents’ net sales of non-euro area equity amounted to €59 billion in 12 months to June 2023, following net purchases of €5 billion one year earlier. Non-residents made net purchases of euro area debt securities amounting to €205 billion, following net sales of €150 billion one year earlier. Over the same period, non-residents’ net purchases of euro area equity decreased to €121 billion in the 12 months to June 2023, down from €309 billion one year earlier.
Financial account of the euro area
In other investment, euro area residents recorded net disposals of non-euro area assets amounting to €120 billion in the 12 months to June 2023 (following net acquisitions of €460 billion one year earlier), and they recorded net disposals of liabilities amounting to €331 billion (following net acquisitions of €881 billion one year earlier).
Monetary presentation of the balance of payments
The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €141 billion in 12 months to June 2023. This increase was mainly driven by euro area non-MFIs’ net inflows in portfolio investment equity, portfolio investment debt and the current and capital accounts surplus. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.
In June 2023 the Eurosystem’s stock of reserve assets decreased to €1,105.2 billion, down from €1,140.5 billion in the previous month (Table 3). This decrease was driven by negative price changes (€29.6 billion) and negative exchange rate changes (€8.2 billion) which were partly offset by net acquisitions of assets (€2.4 billion).
Reserve assets of the euro area
This press release incorporates revisions to the data for May and April 2023. These revisions did not significantly alter the figures previously published.
- Monthly balance of payments: 19 September 2023 (reference data up to July 2023)
- Quarterly balance of payments: 5 October 2023 (reference data up to the second quarter of 2023)
For media queries, please contact Philippe Rispal, tel.: +49 69 1344 5482.
- 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.