FX.co ★ Italian Current Account Deficit Largest in 2 Years

Italy experienced a significant increase in its current account deficit, which reached €3,811 million in January 2025, compared to €1,683 million in the same period the previous year. This marks the most substantial deficit since January 2023. The primary factors contributing to this increase include an expansion in the secondary income gap, which grew to €3,130 million from €2,149 million, as well as an enlarged services deficit, rising to €1,496 million from €1,351 million. On a positive note, the primary income deficit saw a marked reduction, decreasing to €223 million from €1,552 million. However, the goods surplus witnessed a pronounced decline, dropping to €1,037 million from €3,369 million, largely driven by a significant increase in imports.