In the fourth quarter of 2025, the European Union's balance of payments recorded a surplus of €86.7 billion, which is an increase from €65.4 billion in the third quarter of 2025, but a decrease from €98.2 billion in 2024. This is Eurostat's snapshot. The economic recovery is being fueled by a substantial recovery in the services balance, which increased to €44.2 billion from €20.5 billion in the third quarter, while the goods surplus declined (€89.1 billion from €95.3 billion). Germany had the greatest surplus (+€51.3 billion), followed by the Netherlands (+€34.5 billion) and France (+€21.8 billion). The highest deficits were recorded in Romania (-€8.3 billion), Greece (-€7 billion), and Belgium (-€3.9 billion). Italy is one of 17 member nations that has a positive surplus of €4.8 billion. This result represents a significant decrease from €13.7 billion in the previous quarter and €9.6 billion in the second quarter. The worsening services balance, which returned to negative €6.6 billion after two consecutive positive quarters, weighed severely.