STAT/12/110
19 July 2012
Second estimate for the first quarter of 2012
EU27 current account deficit 4.1 bn euro
31.1 bn euro surplus for trade in services
According to the latest available data, the EU271 external current account2 recorded a deficit of 4.1 billion euro in the first quarter of 20123, compared with a deficit of 31.3 bn in the first quarter of 2011.
In the first quarter of 2012, compared with the first quarter of 2011, there was a fall in the deficit of the goods account (-31.6 bn euro compared with -47.3 bn). The surplus of the services account rose (+31.1 bn compared with +20.4 bn), as did the surplus of the income account (+14.4 bn compared with +13.4 bn). The deficit of the current transfers account remained nearly stable (-17.9 bn compared with -17.8 bn).
The surplus recorded in the services account (+31.1 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+12.9 bn), financial services (+7.2 bn), computer & information services (+5.8 bn), transportation (+4.8 bn), insurance services (+2.8 bn) and construction services (+2.4 bn), only partially offset by deficits in royalties & license fees (-1.4 bn) and travel
(-0.3 bn).
In the first quarter of 2012, the EU27 external current account recorded a surplus with the USA (+20.6 bn euro), Switzerland (+17.3 bn), Brazil (+7.6 bn), Hong Kong (+6.3 bn), Canada (+4.9 bn) and India (+1.3 bn), and a deficit with China (-25.8 bn), Russia (-20.8 bn) and Japan (-5.2 bn).
EU/euro area current account balance as % of GDP
Balance of payments euro-indicators for EU27 and the euro area (EA17) (in bn euro)
Source: Eurostat for EU27 data, ECB4 for euro area
Financial Account
In the first quarter of 2012, the EU27 made direct investments abroad of 80.8 bn euro, compared with 116.2 bn in the same quarter of 2011, while foreign direct investors made investments in the EU27 of 62.1 bn, compared with 75.1 bn in the same quarter of 2011. Portfolio investments recorded a net outflow of 111.0 bn, compared with a net inflow of 66.6 bn in the first quarter of 2011.
Current account of Member States (including intra-EU flows)
As concerns the total (intra-EU plus extra-EU) current account balances of the EU27 Member States5, nine recorded surpluses and eighteen deficits in the first quarter of 2012. The highest surpluses were observed in Germany (+41.1 bn euro), the Netherlands (+17.5 bn), Sweden (+7.8 bn) and Austria (+3.2 bn), and the largest deficits in the United Kingdom (-14.6 bn), Spain (-14.4 bn), Italy (-13.1 bn) and France (-9.6 bn),
These data, issued by Eurostat, the statistical office of the European Union, are not seasonally adjusted and are subject to revision.
1. The EU27 includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
The euro area (EA17) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
2. The balance of payments is based on a double entry system, therefore the sum of the balances of the current account, the capital account and the financial account is in principle equal to zero, any discrepancy being due to statistical errors.
The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and services, income and current transfers.
The capital account comprises capital transfers, which involve the transfer of ownership of fixed assets, and the acquisition and disposal of nonproduced, nonfinancial assets, which include tangible assets that are not produced (such as subsoil assets) as well as intangible assets (patents, copyrights, trademarks, etc).
The financial account records transactions that involve financial assets and liabilities, and take place between residents and non residents and is further subdivided into direct investment, portfolio investment, other investment, financial derivatives and reserve assets (for which the EU aggregate is not compiled, as the European Union is not a monetary union). The net decrease in external assets (disinvestment abroad) or net increase in external liabilities (investment in the reporting economy) is shown with a plus sign. The net increase in external assets (investment abroad) or net decrease in external liabilities (disinvestment in the reporting economy) is shown with a minus sign.
Further details of the statistical concepts and definitions used can be found on the Eurostat website at:
http://epp.eurostat.ec.europa.eu/cache/ITY_SDDS/en/bop_q_esms.htm
3. The first estimate for the first quarter of 2012, published in News Release 86/2012 of 8 June 2012, was a deficit of
8.8 bn euro for the EU27 current account. That first estimate was based on figures provided by the Member States to Eurostat two months after the reference quarter, and was provisional.
This second release is based on more detailed quarterly data, transmitted to Eurostat by the Member States three months after the reference quarter. These data may also be subject to revision when data for later quarters are transmitted by the Member States.
4. In line with the agreed allocation of responsibility, the European Central Bank (ECB) (www.ecb.int, section statistics/statistical press releases) is in charge of compiling and disseminating monthly and quarterly balance of payments statistics for the euro area, whereas the European Commission (Eurostat) focuses on quarterly and annual aggregates of the EU. The data comply with international standards, in particular those set out in the IMF Manual on Balance of Payments Statistics (5th edition). The aggregates for the euro area and the EU are compiled consistently on the basis of Member States' transactions with residents of countries outside the euro area and the European Union respectively.
5. All the figures, including data for individual Member States, can be downloaded free of charge from the balance of payments section of the Eurostat web site http://ec.europa.eu/eurostat. Sums of components and data of different periodicity may not add up due to rounding. Please note that data for the individual Member States include all transactions with other countries (both intra-EU and extra-EU), while data published for the EU and euro area include only extra-EU and extra-euro area transactions respectively.
Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301-33 444 | For further information on data: Olaf NOWAK Tel: +352-4301-38 590 |
Eurostat news releases on the internet: http://ec.europa.eu/eurostat
Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators
EU27 current and capital account (in bn euro)
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CURRENT ACCOUNT | 641.0 | 672.3 | -31.3 | 676.9 | 713.9 | -37.1 | 678.4 | 694.4 | -16.0 | 724.2 | 706.4 | 17.8 | 699.3 | 703.4 | -4.1 | ||||||||||||||||||||||||||||||
- Goods | 370.8 | 418.1 | -47.3 | 382.1 | 423.1 | -41.0 | 390.2 | 425.6 | -35.4 | 411.6 | 428.6 | -17.0 | 411.0 | 442.6 | -31.6 | ||||||||||||||||||||||||||||||
- Services | 133.0 | 112.6 | 20.4 | 141.4 | 113.2 | 28.2 | 151.8 | 123.6 | 28.2 | 160.8 | 124.6 | 36.2 | 146.9 | 115.9 | 31.1 | ||||||||||||||||||||||||||||||
- Income | 127.5 | 114.1 | 13.4 | 140.1 | 152.6 | -12.5 | 125.5 | 118.3 | 7.2 | 139.4 | 117.7 | 21.6 | 129.4 | 115.0 | 14.4 | ||||||||||||||||||||||||||||||
- Current Transfers | 9.8 | 27.6 | -17.8 | 13.3 | 25.1 | -11.8 | 10.9 | 26.8 | -15.9 | 12.4 | 35.4 | -23.0 | 12.0 | 29.9 | -17.9 | ||||||||||||||||||||||||||||||
CAPITAL ACCOUNT | 2.0 | 3.4 | -1.4 | 2.1 | 4.2 | -2.1 | 2.2 | 4.2 | -2.0 | 3.7 | 6.1 | -2.4 | 2.6 | 3.5 | -0.9 | ||||||||||||||||||||||||||||||
Source: Eurostat
EU27 services account (in bn euro)
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Services | 133.0 | 112.6 | 20.4 | 141.4 | 113.2 | 28.2 | 151.8 | 123.6 | 28.2 | 160.8 | 124.6 | 36.2 | 146.9 | 115.9 | 31.1 | ||||||||||||||||||||||||||||||
Transportation | 31.8 | 27.8 | 4.0 | 34.0 | 28.2 | 5.7 | 34.8 | 28.7 | 6.1 | 34.6 | 28.2 | 6.4 | 33.1 | 28.3 | 4.8 | ||||||||||||||||||||||||||||||
Travel | 15.0 | 18.2 | -3.2 | 21.7 | 21.4 | 0.3 | 28.5 | 29.6 | -1.0 | 19.8 | 20.2 | -0.4 | 17.8 | 18.1 | -0.3 | ||||||||||||||||||||||||||||||
Other services | 86.1 | 62.8 | 23.3 | 85.7 | 60.5 | 25.2 | 88.4 | 61.4 | 27.0 | 106.3 | 72.8 | 33.6 | 95.9 | 65.2 | 30.8 | ||||||||||||||||||||||||||||||
Communication services | 3.9 | 3.5 | 0.4 | 4.3 | 3.6 | 0.6 | 4.4 | 3.9 | 0.5 | 5.2 | 4.6 | 0.6 | 4.5 | 4.1 | 0.5 | ||||||||||||||||||||||||||||||
Construction services | 3.7 | 1.8 | 1.9 | 4.4 | 1.9 | 2.5 | 4.2 | 2.1 | 2.1 | 5.5 | 2.3 | 3.2 | 4.2 | 1.8 | 2.4 | ||||||||||||||||||||||||||||||
Insurance services | 4.3 | 2.7 | 1.7 | 2.4 | 2.5 | -0.1 | 3.2 | 2.4 | 0.8 | 3.7 | 2.7 | 1.0 | 5.4 | 2.7 | 2.8 | ||||||||||||||||||||||||||||||
Financial services | 11.5 | 5.1 | 6.4 | 11.7 | 6.0 | 5.7 | 12.2 | 5.4 | 6.8 | 14.0 | 5.9 | 8.1 | 12.7 | 5.5 | 7.2 | ||||||||||||||||||||||||||||||
Computer & info. services | 9.4 | 3.7 | 5.7 | 9.9 | 3.5 | 6.5 | 9.4 | 3.4 | 6.0 | 12.4 | 4.0 | 8.4 | 10.3 | 4.5 | 5.8 | ||||||||||||||||||||||||||||||
Royalties & licence fees | 9.2 | 11.6 | -2.5 | 8.6 | 10.5 | -1.9 | 8.5 | 11.1 | -2.6 | 10.2 | 11.4 | -1.2 | 9.3 | 10.7 | -1.4 | ||||||||||||||||||||||||||||||
Other business services | 40.6 | 30.7 | 9.9 | 41.2 | 29.8 | 11.3 | 42.9 | 30.2 | 12.6 | 51.0 | 38.4 | 12.5 | 45.9 | 33.0 | 12.9 | ||||||||||||||||||||||||||||||
Personal, cultural & rec. services | 1.5 | 1.7 | -0.2 | 1.7 | 1.4 | 0.3 | 1.8 | 1.6 | 0.2 | 2.4 | 1.6 | 0.8 | 1.6 | 1.5 | 0.1 | ||||||||||||||||||||||||||||||
Government services, n.i.e. | 1.9 | 1.9 | 0.0 | 1.5 | 1.3 | 0.2 | 1.8 | 1.3 | 0.5 | 1.8 | 1.7 | 0.2 | 1.9 | 1.4 | 0.5 | ||||||||||||||||||||||||||||||
Services not allocated | 0.1 | 3.8 | -3.7 | 0.1 | 3.1 | -3.1 | 0.1 | 3.9 | -3.8 | 0.1 | 3.5 | -3.4 | 0.1 | 4.3 | -4.3 | ||||||||||||||||||||||||||||||
Source: Eurostat
EU27 financial account (in bn euro)
Q1/2011 | Q2/2011 | Q3/2011 | Q4/2011 | Q1/2012 | |
DIRECT INVESTMENT | -41.1 | -39.2 | -18.6 | -33.6 | -18.7 |
- direct investment abroad | -116.2 | -106.2 | -43.1 | -93.6 | -80.8 |
- direct investment in the EU | 75.1 | 67.0 | 24.5 | 60.0 | 62.1 |
PORTFOLIO INVESTMENT | 66.6 | 175.9 | 133.3 | -2.8 | -111.0 |
- portfolio investment assets | -81.0 | -73.2 | 94.7 | 8.6 | -158.2 |
- portfolio investment liabilities | 147.6 | 249.1 | 38.6 | -11.5 | 47.2 |
OTHER INVESTMENT | -141.0 | -82.5 | -45.8 | 19.4 | 1.2 |
- other investment assets | -176.0 | -82.6 | -102.1 | -66.9 | -35.6 |
- other investment liabilities | 35.0 | 0.0 | 56.3 | 86.4 | 36.8 |
FINANCIAL DERIVATIVES | 19.9 | 17.5 | -33.5 | -9.7 | 40.4 |
Source: Eurostat
EU27 geographical breakdown of selected balance of payments items (in bn euro)
Partner | Period |
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Total |
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USA |
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Switzerland |
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China* |
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Russia |
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Japan |
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* excluding Hong Kong
Partner | Period |
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Canada |
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Hong Kong |
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India |
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Brazil |
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Other countries |
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Source: Eurostat
Current account balance and balance of trade in services – national data (intra-EU + Extra-EU) (bn euro)
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Belgium | -1.5 | 5.3 | -5.2 | -2.2 | -1.4 | 1.7 | 1.1 | -0.6 | 1.2 | 1.7 | ||||||||||||||||||||
Bulgaria | -0.1 | 0.0 | 1.2 | -0.7 | -0.4 | 0.1 | 0.5 | 1.5 | 0.2 | 0.1 | ||||||||||||||||||||
Czech Republic | 0.9 | -2.3 | -2.4 | -0.7 | 1.4 | 0.6 | 0.8 | 0.8 | 0.5 | 0.5 | ||||||||||||||||||||
Denmark | 3.3 | 4.2 | 4.5 | 3.6 | 1.8 | 1.3 | 1.4 | 1.7 | 1.8 | 1.0 | ||||||||||||||||||||
Germany | 40.5 | 25.9 | 33.5 | 47.7 | 41.1 | -1.9 | -6.8 | -10.1 | -2.9 | -4.2 | ||||||||||||||||||||
Estonia | -0.1 | 0.1 | 0.3 | 0.1 | -0.1 | 0.2 | 0.3 | 0.4 | 0.3 | 0.3 | ||||||||||||||||||||
Ireland | -1.0 | -0.5 | 0.9 | 1.7 | -1.0 | -1.4 | -0.8 | -0.4 | -0.4 | 0.1 | ||||||||||||||||||||
Greece | -7.2 | -5.7 | -2.1 | -6.0 | -4.7 | 1.0 | 3.5 | 7.5 | 2.6 | 1.5 | ||||||||||||||||||||
Spain | -16.9 | -7.7 | -5.7 | -7.2 | -14.4 | 4.2 | 9.5 | 13.1 | 7.4 | 5.7 | ||||||||||||||||||||
France | -8.9 | -14.0 | -8.0 | -8.0 | -9.6 | 2.9 | 6.8 | 9.7 | 4.8 | 5.1 | ||||||||||||||||||||
Italy | -22.5 | -12.7 | -8.9 | -6.3 | -13.1 | -3.9 | -0.6 | 0.3 | -2.5 | -2.7 | ||||||||||||||||||||
Cyprus | -0.6 | -0.2 | -0.2 | -0.8 | -0.7 | 0.6 | 1.0 | 1.0 | 1.1 | 0.7 | ||||||||||||||||||||
Latvia | 0.0 | -0.1 | -0.3 | 0.1 | -0.1 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | ||||||||||||||||||||
Lithuania | -0.1 | -0.2 | 0.1 | -0.3 | -0.7 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | ||||||||||||||||||||
Luxembourg | 1.2 | 0.3 | 0.8 | 0.7 | 0.9 | 6.0 | 6.0 | 5.2 | 5.8 | 5.9 | ||||||||||||||||||||
Hungary | 0.3 | 0.5 | 0.5 | 0.1 | 0.2 | 0.5 | 1.1 | 1.0 | 0.7 | 0.6 | ||||||||||||||||||||
Malta | -0.3 | -0.1 | 0.1 | 0.0 | -0.1 | 0.2 | 0.4 | 0.5 | 0.2 | 0.2 | ||||||||||||||||||||
Netherlands | 13.8 | 11.4 | 11.8 | 15.5 | 17.5 | 2.4 | 2.4 | 1.0 | 3.9 | 2.5 | ||||||||||||||||||||
Austria | 3.3 | 0.5 | -0.1 | 2.1 | 3.2 | 5.9 | 2.2 | 2.2 | 3.8 | 6.2 | ||||||||||||||||||||
Poland | -3.1 | -3.4 | -4.5 | -5.0 | -4.3 | 1.0 | 1.5 | 1.1 | 0.7 | 0.8 | ||||||||||||||||||||
Portugal | -3.1 | -4.8 | -1.4 | -1.8 | -1.3 | 1.2 | 1.7 | 3.0 | 1.9 | 1.4 | ||||||||||||||||||||
Romania | -1.0 | -2.4 | -1.6 | -1.0 | -0.6 | 0.0 | 0.1 | 0.0 | 0.3 | 0.0 | ||||||||||||||||||||
Slovenia | 0.1 | 0.1 | -0.1 | 0.0 | -0.1 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||
Slovakia | 0.2 | -0.3 | 0.0 | 0.2 | 0.6 | -0.1 | -0.2 | -0.1 | 0.0 | 0.1 | ||||||||||||||||||||
Finland | 0.0 | -2.1 | 0.8 | -0.9 | -1.2 | 0.2 | -0.4 | 0.3 | 0.2 | -0.5 | ||||||||||||||||||||
Sweden | 6.1 | 6.8 | 8.0 | 4.8 | 7.8 | 3.8 | 4.1 | 4.1 | 3.6 | 3.5 | ||||||||||||||||||||
United Kingdom | -8.1 | -3.1 | -14.7 | -7.5 | -14.6 | 21.3 | 19.3 | 19.1 | 21.6 | 20.3 | ||||||||||||||||||||
Iceland | -0.3 | -0.2 | 0.0 | -0.3 | -0.3 | 0.0 | 0.1 | 0.2 | 0.0 | 0.0 | ||||||||||||||||||||
Croatia | -1.6 | -0.3 | 2.5 | -0.9 | -1.7 | 0.2 | 1.6 | 4.2 | 0.5 | 0.2 | ||||||||||||||||||||
Turkey | -15.8 | -16.1 | -11.3 | -12.3 | -12.4 | 1.1 | 2.8 | 6.3 | 2.8 | 1.5 | ||||||||||||||||||||
