Euro area monthly balance of payments: February 2021

Press release

19 April 2021

Euro area monthly balance of payments: February 2021

• Current accountrecorded €26 billion surplus in February 2021, down from €35 billion in previous month
• Current accountsurplus amounted to €259 billion (2.3% of euro area GDP) in 12 months to February 2021, down from €263 billion (2.2%) one year earlier
• Infinancial account, euro area residents' net acquisitions of foreign portfolio investment securities totalled €804 billion and non-residents' net sales of euro area portfolio investment securities totalled €21 billion in 12 months to February 2021

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: [phone], e-mail:[e-mail], website: www.ecb.europa.eu

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Press release /

Euro area monthly balance of payments: February 2021

Chart 1

Euro area current account balance

(EUR billions unless otherwise indicated; working day and seasonally adjusted data)

Source: ECB.

The current account of the euro area recorded a surplus of €26 billion in February 2021, decreasing by €9 billion from the previous month (see Chart 1 and Table 1). Surpluses were recorded for goods (€32 billion) and services (€11 billion). These were partly offset by deficits for secondary income (€16 billion) and primary income (€2 billion).

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: [phone], e-mail:[e-mail], website: www.ecb.europa.eu

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Press release /

Euro area monthly balance of payments: February 2021

Table 1

Current account of the euro area

(EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)

Source: ECB.

Note: Discrepancies between totals and their components may be due to rounding.

Data for the current account of the euro area

In the 12 months to February 2021, the current account recorded a surplus of €259 billion (2.3% of euro area GDP), compared with a surplus of €263 billion (2.2% of euro area GDP) in the 12 months to February 2020. This decline was driven by a reduction in the surplus for primary income (down from €48 billion to €18 billion) and an increase in the deficit for secondary income (up from €151 billion to €167 billion). These developments were partly offset by larger surpluses for services (up from €36 billion to €58 billion) and for goods (up from €330 billion to €350 billion).

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: [phone], e-mail:[e-mail], website: www.ecb.europa.eu

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Euro area monthly balance of payments: February 2021

Chart 2

Selected items of the euro area financial account

(EUR billions; 12-month cumulated data)

Source: ECB.

Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

In direct investment, euro area residents made net disinvestments of €16 billion in non-euro area assets in the 12-month period to February 2021, compared with net disinvestments of €10 billion in the 12 months to February 2020 (see Chart 2 and Table 2). Non-residents' net investments in euro area assets increased to €168 billion in the 12-month period to February 2021, up from €107 billion in the 12 months to February 2020.

In portfolio investment, net purchases of foreign debt securities by euro area residents increased to €443 billion in the 12-month period to February 2021, following net purchases of €390 billion in the 12 months to February 2020. Over the same period, euro area residents' net purchases of foreign equity increased to €361 billion from €81 billion in the 12 months to February 2020. Non-residents made net disposals of euro area debt securities amounting to €119 billion in the 12 months to February 2021, following net purchases of €230 billion in the 12 months to February 2020. Over the same period, non-residents' net purchases of euro area equity decreased to €97 billion from €344 billion in the 12 months to February 2020.

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: [phone], e-mail:[e-mail], website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Press release /

Euro area monthly balance of payments: February 2021

Table 2

Financial account of the euro area

(EUR billions unless otherwise indicated; transactions; non-working day and non-seasonally adjusted data)

Source: ECB.

Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. "MFIs" stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.

Data for the financial account of the euro area

In other investment, euro area residents recorded net disposals of foreign assets amounting to €63 billion in the 12 months to February 2021 (following net purchases of €549 billion in the 12 months to February 2020), while their net incurrence of liabilities increased to €255 billion from €187 billion.

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: [phone], e-mail:[e-mail], website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.