In the first quarter of 2024, EU Member States exhibited varying current account balances, according to non-seasonally adjusted data. Eighteen Member States reported surpluses, seven recorded deficits, and one remained balanced. Data for France was not available. Germany led with the highest surplus at +€83.6 billion, followed by the Netherlands (+€28.3 billion), Ireland (+€22.6 billion), Spain (+€12.0 billion), Sweden (+€10.3 billion), Austria (+€9.0 billion), and Denmark (+€7.2 billion). Greece (-€4.1 billion), Romania (-€4.0 billion), and Croatia (-€2.7 billion) recorded the largest deficits.
Trade Relations with Key Partners
The EU's current account surpluses in Q1 2024 included the United Kingdom (+€65.7 billion), Switzerland (+€25.6 billion), the USA (+€18.0 billion), Canada (+€9.6 billion), Hong Kong (+€8.9 billion), offshore financial centers (+€8.6 billion), Brazil (+€8.0 billion), Japan (+€2.2 billion), and Russia (+€1.4 billion). However, significant deficits were observed with China (-€29.7 billion) and India (-€1.0 billion).
Financial Account Dynamics
During Q1 2024, the EU's direct investment assets increased by €118.2 billion, while direct investment liabilities rose by €35.0 billion, resulting in net outflows of €83.2 billion, indicating the EU as a net direct investor globally. Portfolio investment saw a net inflow of €48.7 billion, while other investments had a net outflow of €34.4 billion.
Trade in Services Surplus
The EU's seasonally adjusted current account surplus for Q1 2024 was €134.3 billion (3.1% of GDP), an increase from €89.8 billion (2.1% of GDP) in Q4 2023, and €55.2 billion (1.3% of GDP) in Q1 2023.
Changes in Current and Capital Accounts
Comparing Q1 2024 with Q4 2023, the goods account surplus rose from +€66.5 billion to +€113.5 billion. The services account surplus decreased slightly from +€43.8 billion to +€38.4 billion. The primary income account surplus increased to +€5.5 billion from +€2.3 billion, while the secondary income account deficit increased to -€23.0 billion from -€22.8 billion. The capital account deficit decreased from -€11.4 billion to -€4.3 billion during the same period.
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