The euro area’s current account surplus widened to €46.9 billion in June 2026, reversing from a €6.1 billion deficit in May on a non-seasonally adjusted basis, while the seasonally adjusted surplus rose to €35.1 billion from €25.8 billion. The monthly improvement was driven mainly by stronger primary income, which includes dividends, wages and direct investment earnings, lifting the overall balance even as non-seasonally adjusted data remained volatile. Over the 12 months through June, the current account surplus stood at 1.7% of GDP, down from 2.0% a year earlier, indicating that the broader external surplus has narrowed despite the stronger June reading. The current account is closely watched as a gauge of the euro area’s external competitiveness and savings position, with implications for the euro and imported inflation as markets assess the ECB’s policy path.