Author: admin

19 December 2025

• Current account recorded €26 billion surplus in October 2025, up from €24 billion in previous month
• Current account surplus amounted to €313 billion (2.0% of euro area GDP) in the 12 months to October 2025, down from €419 billion (2.8%) one year earlier
• In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €829 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €780 billion in the 12 months to October 2025

The current account of the euro area recorded a surplus of €26 billion in October 2025, an increase of €2 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€31 billion) and services (€13 billion). Deficits were recorded for secondary income (€16 billion) and primary income (€3 billion).

Data for the current account of the euro area

In the 12 months to October 2025, the current account recorded a surplus of €313 billion (2.0% of euro area GDP), compared with a surplus of €419 billion (2.8% of euro area GDP) one year earlier. This decrease was mainly driven by a switch from a surplus (€50 billion) to a deficit (€21 billion) for primary income, but also by a reduction in the surplus for services (down from €175 billion to €152 billion) and a larger deficit for secondary income (up from €166 billion to €188 billion). These developments were partly offset by larger surplus for goods (up from €360 billion to €370 billion).

In direct investment, euro area residents made net investments of €162 billion in non-euro area assets in the 12 months to October 2025, following net disinvestments of €118 billion one year earlier (Chart 2 and Table 2). Non-residents invested €74 billion in net terms in euro area assets in the 12 months to October 2025, following net disinvestments of €370 billion one year earlier.

In portfolio investment, euro area residents’ net purchases of non-euro area equity amounted to €160 billion in the 12 months to October 2025, down from €218 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €669 billion, up from €477 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €431 billion in the 12 months to October 2025, up from €388 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €348 billion, declining from €417 billion one year earlier.

Data for the financial account of the euro area

In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €562 billion in the 12 months to October 2025 (up from €342 billion one year earlier), while their net incurrence of liabilities was €443 billion (following net disposals of €35 billion one year earlier).

The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €230 billion in the 12 months to October 2025. This increase was driven by the current and capital accounts surplus and euro area non-MFIs’ net inflows in portfolio investment equity and other investment. These developments were partly offset by euro area non-MFIs’ net outflows in other flows, portfolio investment debt and direct investment.

In October 2025, the Eurosystem’s stock of reserve assets increased to €1,709.8 billion up from €1,622.2 billion in the previous month (Table 3). This increase was mostly driven by positive price changes (€82.8 billion), due to an increase in the price of gold, and, to a lesser extent, by positive exchange rate changes (€4.0 billion) and net acquisitions of assets (€0.8 billion).

Data for the reserve assets of the euro area

Data revisions

This press release includes revisions to the seasonally and working-day adjusted current account and its components from January 2013 onwards owing to the incorporation of newly estimated seasonal and working-day factors. These revisions did not significantly alter the figures previously published.

Next releases:

• Quarterly balance of payments: 13 January 2026 (reference data up to the third quarter of 2025)
• Monthly balance of payments: 20 January 2026 (reference data up to November 2025)

For media queries, please contact Benoît Deeg, tel.: +49 172 1683704.

Notes

• 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.

Sandvik has received a large order for battery-electric vehicles (BEVs) from the Canada-based mining company Eldorado Gold, to be used at its Lamaque mine in Val-d’Or, Québec. The order is valued at around SEK 160 million and was booked in the fourth quarter of 2025.

The order includes battery-electric trucks and loaders and follows a SEK 65 million BEV order from Eldorado Gold booked in the third quarter. Deliveries are expected to begin mid-2026 and continue into 2027. With the new orders, the fleet of Sandvik BEVs at the Lamaque mine will grow from two to 12 units.

“Sandvik BEVs have proven their capability underground at Lamaque, and this order confirms the strength of our battery-electric offering. We are proud to expand our partnership with Eldorado Gold and support their strategy to strengthen efficiency, safety and sustainability in their mining operations,” says Mats Eriksson, President of business area Mining at Sandvik.

Stockholm, December 19, 2025
Sandvik AB

For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008

Sandvik wins large order for battery-electric mining equipment in Canada (PDF)

Banks and payment providers with strong fraud controls will be able to set their own limit for contactless payments, allowing them to better respond to changing consumer demands, inflation and new technology. They are also being encouraged to let customers set their own limit, or turn contactless off altogether, as many high street banks already do.  

People are using contactless as the go-to way to pay. Research by Barclays found that almost 95% of all eligible in-store card transactions were contactless in 2024. 

Banks and payment providers must have strong fraud controls when processing contactless transactions. The greater flexibility will incentivise firms to step up their fraud prevention, giving consumers greater protection and peace of mind. 

Crucially, existing consumer protections remain in place. Consumers must be reimbursed in unauthorised fraud cases, such as if their card is lost or stolen. 

David Geale, executive director of payments and digital finance at the FCA, said: 

‘Contactless is people’s favoured way to pay. We want to make sure our rules provide flexibility for the future, and choice for both firms and consumers.’

Kate Nicholls, chair of UKHospitality, said:  

‘Making life easier for consumers is a positive for any hospitality and high street business, and I’m pleased the FCA is bringing forward this change. 

‘Contactless has increasingly become the preferred payment method of choice for many people and lifting the limit can mean quicker and easier experiences for consumers. While many people still prefer to use cash or chip and PIN, this change adds much-needed flexibility for providers and consumers.’

The new standards follow a public discussion and consultation around contactless payments, and how to make paying more convenient for consumers, while supporting growth. This work is one of around 50 measures that the regulator outlined in a letter to the Prime Minister in January to support economic growth and prioritise digital solutions.

The rule changes take effect in March 2026, after which it will be up to firms if and when they take up the greater flexibility to change any contactless limits. Those that do, will need to communicate the changes clearly to their customers. 

Notes to editors

1. In line with the Consumer Duty, firms will need to communicate any contactless limit changes to consumers.
2. Based on industry feedback, the FCA understands that most banks and payment service providers are likely to maintain their existing contactless limits for the foreseeable future, even after the changes come in.
3. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.