STAT/10/14
22 January 2010
Second estimate for the third quarter of 2009 EU27 current account deficit 27.7 bn euro 16.7 bn euro surplus on trade in services
According to the latest revisions 1 , the EU27 2 external current account 3 recorded a deficit of 27.7 billion euro in the third quarter of 2009, compared with a deficit of 73.5 bn in the third quarter of 2008 and a deficit of 49.0 bn in the second quarter of 2009.
In the third quarter of 2009, compared with the third quarter of 2008, the deficit of the goods account decreased (?19.1 bn euro compared with -64.9 bn), as did the deficit of the income account (-8.6 bn compared with ?14.2 bn). The surplus of the services account fell (+16.7 bn compared with +19.3 bn) and the deficit of the current transfers account increased (-16.7 bn compared with -13.7 bn).
The surplus reco rded in the services account (+16.7 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+8.9 bn), financial services (+5.7 bn), transportation (+5.4 bn) and computer & information services (+4.1 bn), partially offset by deficits in travel (-5.6 bn) and royalties & licence fees (-3.9 bn).
In the third quarter of 2009, the EU27 external current account recorded a surplus with the USA (+12.5 bn euro), Switzerland (+6.0 bn), Canada (+2.4 bn), Hong Kong (+2.1 bn), Brazil (+1.6 bn) and India (+1.1 bn), and a deficit with China (-29.3 bn), Russia (-8.4 bn) and Japan (-8.0 bn).
Financial Account
In the third quarter of 2009, the EU27 made direct investments abroad for 56.2 bn, compared with 75.7 bn in the same quarter of 2008, while foreign direct investors made investments in the EU27 for 26.9 bn, compared with investments for 64.5 bn in the same quarter of 2008. Portfolio investments recorded a net inflow of 100.8 bn, compared with 153.2 bn in the third quarter of 2008.
These provisional data, issued by Eurostat , the statistical office of the European Union , are based on the information available at the time of publication and subject to revision.
Balance of payments euro-indicators for EU27 and the euro area (EA16)
(in bn euro)
| Q3/2008 | Q4/2008 | Q1/2009 | Q2/2009 | Q3/2009 |
EU27 current account balance | -73.5 | -59.4 | -53.3 | -49.0 | -27.7 |
EU27 balance of trade in services | 19.3 | 21.7 | 12.7 | 16.2 | 16.7 |
EU27 current account balance as % of GDP | -2.4% | -1.9% | -1.9% | -1.7% | -0.9% |
EA16 current account balance | -34.7 | -32.2 | -38.0 | -21.7 | -2.7 |
EA16 balance of trade in services | 12.9 | 7.1 | 0.5 | 7.3 | 12.8 |
EA16 current account balance as % of GDP | -1.5% | -1.4% | -1.7% | -1.0% | -0.1% |
Source: Eurostat for EU27 data, ECB 4 for euro area
EU2 7 current and capital account (in bn euro)
| Q3/2008 | Q4/2008 | Q1/2009 | Q2/2009 | Q3/2009 |
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net |
CURRENT ACCOUNT | 623.5 | 697.1 | -73.5 | 595.5 | 654.9 | -59.4 | 487.6 | 541.0 | -53.3 | 503.1 | 552.1 | -49.0 | 501.4 | 529.1 | -27.7 |
- Goods | 340.7 | 405.6 | -64.9 | 324.7 | 368.6 | -43.9 | 257.5 | 301.8 | -44.3 | 268.9 | 284.5 | -15.6 | 276.0 | 295.0 | -19.1 |
- Services | 138.1 | 118.8 | 19.3 | 135.1 | 113.4 | 21.7 | 113.7 | 101.0 | 12.7 | 116.1 | 99.9 | 16.2 | 121.7 | 105.0 | 16.7 |
- Income | 134.1 | 148.3 | -14.2 | 124.9 | 143.9 | -19.0 | 107.5 | 112.6 | -5.1 | 106.5 | 139.5 | -33.1 | 94.7 | 103.3 | -8.6 |
- Current Transfers | 10.6 | 24.3 | -13.7 | 10.9 | 29.1 | -18.2 | 8.9 | 25.5 | -16.6 | 11.7 | 28.2 | -16.5 | 9.1 | 25.8 | -16.7 |
CAPITAL ACCOUNT | 1.5 | 3.4 | -1.9 | 1.7 | 4.5 | -2.8 | 1.7 | 3.0 | -1.3 | 1.6 | 3.9 | -2.3 | 2.1 | 5.9 | -3.8 |
Source: Eurostat
EU27 financial account (in bn euro)
| Q3/2008 | Q4/2008 | Q1/2009 | Q2/2009 | Q3/2009 |
DIRECT INVESTMENT | -11.2 | -74.0 | -27.3 | 1.9 | -29.3 |
- direct investment abroad | -75.7 | -51.0 | -62.7 | -80.5 | -56.2 |
- direct investment in the EU | 64.5 | -23.0 | 35.4 | 82.5 | 26.9 |
PORTFOLIO INVESTMENT | 153.2 | 329.3 | 232.1 | 115.5 | 100.8 |
- portfolio investment assets | -8.9 | 258.6 | 32.0 | -78.0 | -55.6 |
- portfolio investment liabilities | 162.1 | 70.7 | 200.2 | 193.5 | 156.4 |
OTHER INVESTMENT | -154.4 | -459.7 | -78.8 | -9.8 | -81.3 |
- other investment assets | -120.4 | 598.9 | 140.5 | 134.6 | 77.2 |
- other investment liabilities | -34.1 | -1 058.6 | -219.3 | -144.4 | -158.5 |
FINANCIAL DERIVATIVES | 6.2 | -28.3 | -6.9 | 19.3 | 0.6 |
Source: Eurostat
EU2 7 services account (in bn euro)
| Q 3/2008 | Q4/2008 | Q1/2009 | Q2/2009 | Q3/2009 |
| Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net |
| Services | 138.1 | 118.8 | 19.3 | 135.1 | 113.4 | 21.7 | 113.7 | 101.0 | 12.7 | 116.1 | 99.9 | 16.2 | 121.7 | 105.0 | 16.7 |
| Transportation | 35.8 | 29.1 | 6.8 | 33.6 | 26.5 | 7.1 | 26.8 | 22.1 | 4.7 | 26.9 | 21.4 | 5.5 | 27.3 | 21.9 | 5.4 |
| Travel | 24.5 | 31.5 | -7.0 | 16.2 | 20.0 | -3.8 | 13.0 | 19.0 | -6.0 | 17.4 | 20.9 | -3.5 | 22.2 | 27.8 | -5.6 |
| Other services | 77.0 | 56.3 | 20.7 | 84.6 | 64.8 | 19.8 | 73.7 | 58.8 | 14.9 | 71.7 | 56.0 | 15.7 | 72.1 | 53.3 | 18.8 |
| Communication services | 2.8 | 2.8 | -0.1 | 2.9 | 3.1 | -0.2 | 2.9 | 3.1 | -0.1 | 2.9 | 3.0 | -0.1 | 3.1 | 3.1 | 0.0 |
| Construction services | 4.3 | 2.5 | 1.8 | 5.2 | 3.0 | 2.2 | 3.9 | 2.5 | 1.4 | 4.4 | 3.1 | 1.3 | 4.6 | 3.0 | 1.6 |
| Insurance services | 3.7 | 1.6 | 2.1 | 3.2 | 2.1 | 1.1 | 4.2 | 1.8 | 2.4 | 3.3 | 1.8 | 1.6 | 3.6 | 1.6 | 2.0 |
| Financial services | 11.8 | 4.5 | 7.3 | 13.0 | 4.9 | 8.0 | 10.5 | 4.0 | 6.4 | 9.6 | 4.0 | 5.6 | 10.1 | 4.4 | 5.7 |
| Computer & info. services | 7.2 | 2.7 | 4.5 | 8.4 | 3.6 | 4.7 | 8.4 | 3.3 | 5.0 | 6.8 | 3.0 | 3.8 | 7.1 | 3.0 | 4.1 |
| Royalties & licence fees | 6.0 | 9.5 | -3.5 | 7.1 | 10.7 | -3.7 | 6.8 | 10.9 | -4.1 | 6.1 | 8.7 | -2.5 | 5.7 | 9.6 | -3.9 |
| Other business services | 37.7 | 29.0 | 8.8 | 41.2 | 33.8 | 7.4 | 34.2 | 29.5 | 4.7 | 35.4 | 29.4 | 6.0 | 34.7 | 25.8 | 8.9 |
| Personal, cultural & rec. services | 1.2 | 1.6 | -0.4 | 1.5 | 1.4 | 0.1 | 1.0 | 1.5 | -0.6 | 1.2 | 1.3 | -0.2 | 1.2 | 1.4 | -0.3 |
| Government services, n.i.e. | 2.2 | 2.0 | 0.2 | 2.3 | 2.1 | 0.1 | 2.0 | 2.2 | -0.2 | 1.9 | 1.7 | 0.2 | 2.0 | 1.4 | 0.6 |
| Services not allocated | 0.8 | 2.0 | -1.3 | 0.7 | 2.0 | -1.3 | 0.2 | 1.2 | -1.0 | 0.1 | 1.7 | -1.6 | 0.1 | 2.0 | -1.9 |
Source: Eurostat
EU2 7 geographical breakdown of selected balance of payments items (in bn euro)
| Partner | Period | | Total Current Account | Goods | Services | D irect investment abroad | Direct investment in the EU | | Credit | Debit | Net | Credit | Debit | Net | Credit | Debit | Net | Net | Net | |
| Total | Q4/2008 | 595.5 | 654.9 | -59.4 | 324.7 | 368.6 | -43.9 | 135.1 | 113.4 | 21.7 | -51.0 | -23.0 | Q1/2009 | 487.6 | 541.0 | -53.3 | 257.5 | 301.8 | -44.3 | 113.7 | 101.0 | 12.7 | -62.7 | 35.4 | Q2/2009 | 503.1 | 552.1 | -49.0 | 268.9 | 284.5 | -15.6 | 116.1 | 99.9 | 16.2 | -80.5 | 82.5 | Q3/2009 | 501.4 | 529.1 | -27.7 | 276.0 | 295.0 | -19.1 | 121.7 | 105.0 | 16.7 | -56.2 | 26.9 | |
| USA | Q4/2008 | 137.5 | 136.4 | 1.0 | 62.3 | 46.4 | 15.9 | 32.7 | 37.1 | -4.4 | -31.6 | 0.5 | Q1/2009 | 118.1 | 113.8 | 4.3 | 51.3 | 44.2 | 7.0 | 28.7 | 31.2 | -2.5 | -20.1 | 5.4 | Q2/2009 | 118.5 | 112.6 | 5.9 | 52.3 | 40.5 | 11.9 | 30.3 | 32.0 | -1.7 | 3.8 | 58.1 | Q3/2009 | 110.9 | 98.4 | 12.5 | 49.6 | 36.2 | 13.4 | 30.0 | 30.6 | -0.6 | -25.9 | -3.9 | |
| Switzerland | Q4/2008 | 57.2 | 47.2 | 10.0 | 26.3 | 23.2 | 3.0 | 16.3 | 11.9 | 4.4 | 9.2 | 5.1 | Q1/2009 | 50.9 | 42.0 | 8.9 | 23.9 | 21.3 | 2.6 | 14.4 | 11.3 | 3.2 | -6.7 | 8.6 | Q2/2009 | 52.8 | 43.2 | 9.5 | 22.2 | 20.3 | 1.9 | 15.8 | 10.4 | 5.4 | -11.9 | 6.0 | Q3/2009 | 49.7 | 43.7 | 6.0 | 22.0 | 19.9 | 2.1 | 16.6 | 11.2 | 5.5 | -2.2 | 7.3 | |
| China * | Q4/2008 | 26.0 | 70.0 | -44.0 | 19.5 | 64.5 | -44.9 | 5.3 | 4.1 | 1.3 | -0.9 | 0.2 | Q1/2009 | 22.9 | 55.4 | -32.5 | 17.1 | 51.1 | -34.0 | 4.7 | 3.4 | 1.3 | -1.2 | -0.1 | Q2/2009 | 26.2 | 50.9 | -24.7 | 20.6 | 46.5 | -25.9 | 4.2 | 3.3 | 0.9 | -0.4 | 0.1 | Q3/2009 | 27.1 | 56.4 | -29.3 | 20.9 | 52.0 | -31.1 | 4.8 | 3.4 | 1.4 | -1.6 | 0.0 | |
| Russia | Q4/2008 | 33.4 | 40.6 | -7.2 | 25.3 | 35.2 | -9.9 | 5.4 | 3.3 | 2.1 | -5.9 | 1.2 | Q1/2009 | 22.2 | 29.2 | -6.9 | 15.6 | 25.6 | -10.1 | 3.8 | 2.5 | 1.3 | 0.0 | 0.8 | Q2/2009 | 22.5 | 29.0 | -6.5 | 15.5 | 25.1 | -9.6 | 4.1 | 2.8 | 1.3 | 0.4 | 0.7 | Q3/2009 | 24.5 | 32.9 | -8.4 | 16.3 | 29.4 | -13.1 | 5.3 | 2.7 | 2.6 | -2.0 | 0.7 | |
| Japan | Q4/2008 | 21.3 | 30.5 | -9.2 | 10.9 | 17.6 | -6.8 | 4.6 | 3.7 | 0.9 | -0.1 | 4.4 | Q1/2009 | 17.2 | 24.6 | -7.4 | 9.1 | 14.5 | -5.4 | 4.1 | 3.4 | 0.8 | 0.7 | -2.9 | Q2/2009 | 15.6 | 25.1 | -9.5 | 8.5 | 13.2 | -4.8 | 3.9 | 3.0 | 0.9 | 1.1 | -0.2 | Q3/2009 | 15.5 | 23.4 | -8.0 | 9.2 | 13.3 | -4.2 | 3.9 | 3.1 | 0.8 | 0.6 | 3.1 | |
| Canada | Q4/2008 | 12.7 | 11.0 | 1.7 | 6.3 | 5.9 | 0.4 | 2.7 | 2.3 | 0.4 | -1.6 | 2.1 | Q1/2009 | 11.1 | 8.6 | 2.5 | 5.4 | 4.5 | 0.9 | 2.4 | 2.0 | 0.4 | -0.6 | 4.6 | Q2/2009 | 10.9 | 9.4 | read the original release
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