Italy's current account surplus expands to EUR 30.1 billion
In the twelve months ending January 2026, Italy's current account surplus reached EUR 30.1 billion, an increase from EUR 21.1 billion a year prior. This improvement was primarily driven by the primary income balance and a positive contribution from goods.
Primary income boosts external position
In the twelve months ending January 2026, Italy's current account recorded a surplus of EUR 30.1 billion, equivalent to 1.3 percent of GDP, an increase from EUR 21.1 billion in the corresponding period of the previous year.
This improvement was mainly driven by a significant positive shift in the primary income balance, which rose by EUR 10.3 billion from a deficit of EUR 6.5 billion to a surplus of EUR 3.8 billion.
The goods balance also contributed positively, increasing slightly from EUR 52.0 billion to EUR 52.7 billion.
These gains more than offset larger deficits observed in the services balance, which widened from EUR 4.8 billion to EUR 5.6 billion, and the secondary income balance, which increased from EUR 19.6 billion to EUR 20.9 billion.
Financial account sees reduced asset acquisitions
For the twelve months ending January 2026, the financial account recorded net acquisitions of foreign assets amounting to EUR 29.6 billion, a notable decrease from EUR 53.6 billion in the corresponding period of the previous year.
Positive balances were observed in direct investment, totaling EUR 8.9 billion, and official reserves, adding EUR 2.5 billion.
The 'other investment' category also showed a significant positive balance of EUR 45.9 billion.
These positive flows were partially counteracted by negative balances in portfolio investment, which registered a deficit of EUR 24.5 billion, and financial derivatives, with a deficit of EUR 3.1 billion.
Monthly data for January 2026 indicated an increase of EUR 33.8 billion in foreign assets held by residents, primarily from portfolio and other investments.