First estimate for the fourth quarter of 2012 EU27 current account surplus 34.1 bn euro 36.9 bn euro surplus on trade in services

STAT/13/38

8 March 2013

First estimate for the fourth quarter of 2012
EU27 current account surplus 34.1 bn euro
36.9 bn euro surplus on trade in services

The EU271 external current account2 recorded a surplus of 34.1 billion euro (1.0% of GDP) in the fourth quarter of 2012, compared with a surplus of 24.7 bn (0.8% of GDP) in the fourth quarter of 2011, according to first estimates3 from Eurostat, the statistical office of the European Union.

In the fourth quarter of 2012, compared with the fourth quarter of 2011, the deficit of the goods account turned into a surplus (+5.1 bn euro compared with -15.6 bn), while the surplus of the services account slightly increased (+36.9 bn compared with +35.7 bn) and the deficit of the current transfers account dropped (-19.1 bn compared with -22.8 bn). The surplus of the income account fell (+11.2 bn compared with +27.4 bn).

These data are not seasonally adjusted and are subject to revision.

Balance of payments euro-indicators for the EU27

(in bn euro)

Source: Eurostat

Balance of payments euro-indicators for the euro area4 (EA17)

(in bn euro)

Source: European Central Bank

Balance of payments euro-indicators for the euro area (EA17) - Monthly data5

(in bn euro)

Source: European Central Bank

• 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) consists of Belgium, Germany, Ireland, Greece, Estonia, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

• 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. 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

• The EU balance of payments euro-indicators (first estimates for the reference quarter) are based on figures provided by the Member States to Eurostat two months after the reference quarter, and should be considered as provisional. This News Release corresponds to these first estimates. Eurostat then produces a second release once the quarterly data are transmitted to Eurostat, on a more detailed basis, three months after the reference quarter. Figures may also be subject to revision when data for later quarters are transmitted by the Member States. The second release for the fourth quarter of 2012 will be issued on 19 April 2013.

• 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 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.

• Monthly data may not add up to quarterly data due to rounding.

Eurostat news releases on the internet: http://ec.europa.eu/eurostat

Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators