First quarter of 2008, EU27 current account deficit 26.5 bn euro, 17.4 bn euro surplus on trade in services
First quarter of 2008, EU27 current account deficit 26.5 bn euro, 17.4 bn euro surplus on trade in services
STAT/08/105
23 July 2008
First quarter of 2008
EU27 current
account deficit 26.5 bn euro
17.4 bn euro surplus on trade in
services
According to the latest revisions1, the EU272 external current account3 recorded a deficit of 26.5 billion euro in the first quarter of 2008, compared with a deficit of 30.4 bn in the first quarter of 2007 and a deficit of 7.3 bn in the fourth quarter of 2007.
In the first quarter of 2008, compared with the first quarter of 2007, the deficit of the goods account rose (-53.7 bn euro compared with -44.3 bn), while the surplus of the services account decreased slightly (+17.4 bn compared with +18.9 bn). The surplus of the income account more than doubled (+24.0 bn compared with +9.5 bn). The deficit of the current transfers account remained stable (-14.2 bn compared with -14.5 bn).
The surplus recorded in the services account (+17.4 bn euro) is mainly the result of surpluses in financial services (+8.6 bn), "other business services", which includes miscellaneous business, professional and technical services (+8.0 bn), computer & information services (+3.9 bn) and transportation (+3.8 bn), partially offset by deficits in travel (-6.8 bn) and royalties & license fees (-3.3 bn).
In the first quarter of 2008, the EU27 external current account recorded a surplus with the USA (+23.2 bn euro), Switzerland (+11.4 bn), Canada (+4.5 bn) and Hong Kong (+2.1 bn), and a deficit with China (-33.7 bn), Russia (-14.4 bn) and Japan (-5.2 bn).
These provisional data, issued by Eurostat, the Statistical Office of the European Communities, are subject to revision.
Balance of payments euro-indicators for EU27
(in bn
euro)
|
|
Q1/2007 |
Q2/2007 |
Q3/2007 |
Q4/2007 |
Q1/2008 |
|---|---|---|---|---|---|
EU27 current account balance |
-30.4
|
-18.1
|
-21.2
|
-7.3 r
|
-26.5
|
EU27 balance of trade in services |
18.9
|
24.5
|
23.6
|
20.2 r
|
17.4
|
EU27 current account balance as % of GDP |
-1.0%
|
-0.6%
|
-0.7%
|
-0.2% r
|
-0.9%
|
r: revised
Source: Eurostat
EU27 current account
(in bn euro)
|
|
Total |
Goods |
Services |
Income |
Current Transfers |
||||||||||
|
|
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Q1/2007 |
559.5
|
589.9
|
-30.4
|
293.9
|
338.2
|
-44.3
|
115.0
|
96.1
|
18.9
|
140.5
|
131.0
|
9.5
|
10.1
|
24.6
|
-14.5
|
Q2/2007 |
603.4
|
621.5
|
-18.1
|
309.8
|
338.2
|
-28.4
|
123.0
|
98.5
|
24.5
|
158.9
|
161.0
|
-2.1
|
11.7
|
23.8
|
-12.1
|
Q3/2007 |
608.4
|
629.6
|
-21.2
|
312.5
|
352.5
|
-40.0
|
133.8
|
110.2
|
23.6
|
152.2
|
142.5
|
9.7
|
9.9
|
24.3
|
-14.5
|
Q4/2007 |
625.4
|
632.7
|
-7.3
|
327.6
|
369.5
|
-41.9
|
129.2
|
109.1
|
20.2
|
158.5
|
128.1
|
30.4
|
10.0
|
26.1
|
-16.1
|
Q1/2008 |
595.8
|
622.4
|
-26.5
|
315.4
|
369.1
|
-53.7
|
118.5
|
101.1
|
17.4
|
152.0
|
128.0
|
24.0
|
9.9
|
24.2
|
-14.2
|
Source: Eurostat
EU27 services account
(in bn euro)
|
|
Q1/2007 |
Q2/2007 |
Q3/2007 |
Q4/2007 |
Q1/2008 |
||||||||||
|
|
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
Credit |
Debit |
Net |
|
Services
|
115.0
|
96.1
|
18.9
|
123.0
|
98.5
|
24.5
|
133.8
|
110.2
|
23.6
|
129.2
|
109.1
|
20.2
|
118.5
|
101.1
|
17.4
|
|
Transportation
|
27.0
|
24.2
|
2.8
|
28.9
|
24.3
|
4.6
|
31.6
|
26.4
|
5.2
|
31.0
|
27.3
|
3.7
|
29.7
|
25.9
|
3.8
|
|
Travel
|
14.5
|
19.7
|
-5.2
|
19.7
|
22.1
|
-2.4
|
25.4
|
30.1
|
-4.6
|
16.6
|
22.1
|
-5.4
|
14.2
|
21.0
|
-6.8
|
|
Other services
|
72.9
|
51.7
|
21.1
|
73.9
|
51.6
|
22.3
|
76.3
|
53.3
|
23.0
|
81.0
|
59.0
|
22.0
|
73.7
|
53.6
|
20.1
|
|
Communication services
|
2.4
|
2.7
|
-0.3
|
2.2
|
2.5
|
-0.2
|
2.6
|
2.7
|
-0.1
|
2.5
|
2.8
|
-0.3
|
2.6
|
2.7
|
-0.1
|
|
Construction services
|
3.6
|
1.8
|
1.8
|
3.7
|
1.8
|
1.9
|
3.9
|
2.1
|
1.8
|
4.8
|
2.3
|
2.5
|
3.8
|
2.1
|
1.7
|
|
Insurance services
|
3.9
|
1.8
|
2.0
|
3.3
|
1.6
|
1.7
|
4.3
|
1.9
|
2.3
|
2.8
|
2.4
|
0.4
|
3.5
|
1.9
|
1.6
|
|
Financial services
|
12.9
|
4.9
|
8.0
|
13.5
|
5.4
|
8.1
|
13.5
|
5.4
|
8.1
|
14.0
|
5.5
|
8.5
|
13.0
|
4.5
|
8.6
|
|
Computer & info. services
|
6.0
|
2.6
|
3.4
|
5.3
|
2.3
|
3.0
|
5.9
|
2.5
|
3.3
|
7.4
|
3.0
|
4.4
|
6.9
|
3.0
|
3.9
|
|
Royalties & licence fees
|
6.2
|
8.3
|
-2.1
|
6.5
|
8.7
|
-2.2
|
6.1
|
9.0
|
-2.9
|
6.7
|
10.3
|
-3.6
|
5.8
|
9.1
|
-3.3
|
|
Other business services
|
34.7
|
26.4
|
8.3
|
36.2
|
26.1
|
10.1
|
36.8
|
26.3
|
10.5
|
39.5
|
29.3
|
10.2
|
35.1
|
27.1
|
8.0
|
|
Personal, cultural & rec. services
|
1.1
|
1.5
|
-0.4
|
1.2
|
1.4
|
-0.1
|
1.2
|
1.6
|
-0.4
|
1.4
|
1.5
|
0.0
|
1.0
|
1.5
|
-0.5
|
|
Government services, n.i.e.
|
2.0
|
1.7
|
0.4
|
1.8
|
1.8
|
0.0
|
2.1
|
1.7
|
0.4
|
1.8
|
2.0
|
-0.2
|
1.9
|
1.8
|
0.1
|
|
Services not allocated
|
0.7
|
0.5
|
0.2
|
0.6
|
0.6
|
0.1
|
0.6
|
0.5
|
0.1
|
0.6
|
0.6
|
0.0
|
0.9
|
0.6
|
0.3
|
Source: Eurostat
EU27 Current account - geographical breakdown of the main components (in bn euro)
|
Partner
|
Period
|
Total
|
Goods
|
Services
|
Income
|
Current transfers
|
||||||||||||||||||||||||||||||||||||||||
|
Credit
|
Debit
|
Net
|
Credit
|
Debit
|
Net
|
Credit
|
Debit
|
Net
|
Credit
|
Debit
|
Net
|
Credit
|
Debit
|
Net
|
||||||||||||||||||||||||||||||||
|
Total
|
Q2/2007 |
603.4
|
621.5
|
-18.1
|
309.8
|
338.2
|
-28.4
|
123.0
|
98.5
|
24.5
|
158.9
|
161.0
|
-2.1
|
11.7
|
23.8
|
-12.1
|
||||||||||||||||||||||||||||||
Q3/2007 |
608.4
|
629.6
|
-21.2
|
312.5
|
352.5
|
-40.0
|
133.8
|
110.2
|
23.6
|
152.2
|
142.5
|
9.7
|
9.9
|
24.3
|
-14.5
|
|||||||||||||||||||||||||||||||
Q4/2007 |
625.4
|
632.7
|
-7.3
|
327.6
|
369.5
|
-41.9
|
129.2
|
109.1
|
20.2
|
158.5
|
128.1
|
30.4
|
10.0
|
26.1
|
-16.1
|
|||||||||||||||||||||||||||||||
Q1/2008 |
595.8
|
622.4
|
-26.5
|
315.4
|
369.1
|
-53.7
|
118.5
|
101.1
|
17.4
|
152.0
|
128.0
|
24.0
|
9.9
|
24.2
|
-14.2
|
|||||||||||||||||||||||||||||||
|
USA
|
Q2/2007 |
166.7
|
143.9
|
22.8
|
66.5
|
47.4
|
19.1
|
36.2
|
31.1
|
5.1
|
59.6
|
62.0
|
-2.4
|
4.4
|
3.3
|
1.1
|
||||||||||||||||||||||||||||||
Q3/2007 |
162.4
|
131.5
|
31.0
|
66.1
|
45.1
|
21.0
|
36.1
|
32.7
|
3.4
|
56.8
|
50.1
|
6.8
|
3.4
|
3.6
|
-0.2
|
|||||||||||||||||||||||||||||||
Q4/2007 |
158.6
|
129.2
|
29.4
|
66.2
|
46.1
|
20.1
|
35.1
|
34.2
|
0.9
|
54.3
|
45.4
|
8.8
|
3.0
|
3.4
|
-0.4
|
|||||||||||||||||||||||||||||||
Q1/2008 |
149.5
|
126.3
|
23.2
|
62.4
|
46.2
|
16.2
|
32.7
|
29.9
|
2.8
|
51.4
|
47.4
|
4.0
|
3.0
|
2.8
|
0.2
|
|||||||||||||||||||||||||||||||
|
Switzerland
|
Q2/2007 |
54.7
|
56.0
|
-1.2
|
23.2
|
21.2
|
2.0
|
14.8
|
10.0
|
4.9
|
14.8
|
23.1
|
-8.3
|
1.9
|
1.7
|
0.2
|
||||||||||||||||||||||||||||||
Q3/2007 |
54.7
|
52.6
|
2.1
|
23.6
|
21.3
|
2.3
|
16.5
|
10.8
|
5.7
|
12.9
|
18.7
|
-5.8
|
1.7
|
1.8
|
-0.1
|
|||||||||||||||||||||||||||||||
Q4/2007 |
57.7
|
48.4
|
9.3
|
25.1
|
22.1
|
3.0
|
15.3
|
11.2
|
4.1
|
15.5
|
13.4
|
2.1
|
1.8
|
1.8
|
0.0
|
|||||||||||||||||||||||||||||||
Q1/2008 |
57.4
|
46.0
|
11.4
|
24.9
|
21.9
|
3.0
|
15.4
|
10.5
|
4.9
|
15.7
|
11.9
|
3.8
|
1.5
|
1.7
|
-0.2
|
|||||||||||||||||||||||||||||||
|
China*
|
Q2/2007 |
22.9
|
52.5
|
European EC Rapid Press Release STAT/08/105, copyright European Commission. European Union Member States
Other countries of interest
PollUser login | ||||||||||||||||||||||||||||||||||||||||||
