Luxembourg 2025 Current Account Surplus €4.7B
Summary
The Banque centrale du Luxembourg (BCL) and STATEC released first provisional results for Luxembourg's 2025 balance of payments. The current account showed a surplus of €4.7 billion, a decrease of €1.4 billion compared to 2024. The goods surplus was €1.9 billion (up €0.1 billion), while the services balance declined €3.3% (down €1 billion), with non-financial services down €2.7 billion partially offset by a €1.7 billion increase in financial services. Portfolio investments recorded net inflows of €421 billion in Luxembourg equities driven by investment funds, up from €236 billion in 2024.
What changed
BCL and STATEC published provisional 2025 balance of payments data for Luxembourg showing a current account surplus of €4.7 billion, representing a decrease of €1.4 billion year-over-year. The goods surplus marginally increased to €1.9 billion while the services balance contracted by €1 billion, driven by a decline in non-financial services that was partially offset by growth in financial services exports.
For financial market participants, the data signals continued strength in Luxembourg's investment fund sector, with portfolio equity inflows rising to €421 billion. Entities engaged in cross-border financial services or investment fund administration should monitor these trends as they reflect evolving flows in and out of Luxembourg's financial centre.
What to do next
- Monitor for updated statistical releases on BCL and STATEC websites
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Balance of payments of Luxembourg in 2025
14.04.2026 Ce contenu est également disponible en français The Banque centrale du Luxembourg (BCL) and STATEC inform that, according to the first provisional results, the current account for 2025 showed a surplus of 4.7 billion euros, i.e. a decrease of 1.4 billion euros compared to the previous year.
The goods surplus reached 1.9 billion euros in 2025, corresponding to an increase of 0.1 billion euros compared to the previous year. This development reflects similar growth in both goods exports and imports (both +1%). Specifically, net exports from goods under merchanting (purchases of goods abroad and their resale abroad) expanded by 338 million euros. Additionally, general merchandise (i.e. excluding merchanting) exports contracted by 0.1% (-35 million euros), while imports increased slightly by 0.7% (177 million euros).
The balance of international trade in services experienced a decline of 3.3% in 2025 (-1 billion euros) compared to 2024. However, developments vary by sub-category: fairly significant decrease (-2.7 billion euros) for non-financial services, partially offset by an increase of 1.7 billion euros for financial services.
Decrease in non-financial services balance is due to corporate events involving multinational groups in Luxembourg: Imports of non-financial services increased by 12,4%, while exports grew by 6,6% only.
Likewise, international trade in financial services progressed significantly, with exports up by 5.7% and imports by 5.1%. This evolution is mainly driven by an increase in average assets managed by investment funds in 2025 (10%), compared to 2024.
In the financial account, direct investments were slightly positive in 2025 for assets (88 billion euros) and negative for liabilities (-84 billion euros, largely due to intra-group loans), compared to strong positive investments on both asset and liability sides in 2024.
Regarding portfolio investments, Luxembourg equities, driven by Investment Funds (IF) shares recorded net inflows, reaching 421 billion euros in 2025, compared to net inflows of 236 billion euros in the previous year. On their side, transactions in foreign equities were positive in 2025 (60 billion euros) in contrast to 2024 (-27 billion euros). In return, resident institutions, above all Money Market Funds and non-MMF Investment Funds, purchased foreign debt securities (322 billion euros).
Luxembourg debt securities recorded net inflows of 69 billion euros, which corresponds to an increase vis-à-vis 2024 (45 billion euros).
Resident deposit-taking corporations and other resident institutions also increased their Other Investments abroad, mostly deposits and loans (115 billion euros). Non-resident investors also increased their Other Investments in Luxembourg (119 billion euros), in particular through deposits and loans to resident financial institutions.
Detailed statistical tables are available on BCL’s website (www.bcl.lu) as well as on the website of STATEC (www.statistiques.lu).
Table: Balance of payments of Luxembourg
For further information, please contact:
- STATEC - Mr. Michaux - michaux@statec.etat.lu ****
BCL - « Communication » section at 4774-4265 ou 4599
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