The euro area’s current account surplus narrowed significantly to €34.6 billion in December 2025, down from €45.9 billion in the same month a year earlier. The goods surplus declined to €26.2 billion from €29.3 billion in December 2024, with imports surging 6.9% and exports rising at slower 4.6%. The primary income surplus saw a more pronounced drop, falling to €15.2 billion from €23.6 billion. Meanwhile, the services surplus also moderated, easing to €9.7 billion from €13.2 billion a year earlier. Partly offsetting these declines, the secondary income deficit narrowed to €16.5 billion, compared with €20.1 billion in the same month last year. For 2025 as a whole, the eurozone’s current account surplus shrank markedly to €261.4 billion, down from €412.3 billion in 2024. On a seasonally and working day-adjusted, the current account surplus dropped to €255 billion, or 1.6% of GDP, compared with a surplus of €407 billion, or 2.7%, in 2024.