EU27 deficit €9.2bn & €19.1bn surplus on trade in services

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EU27 deficit €9.2bn & €19.1bn surplus on trade in servicesAccording to the latest revisions, the EU27 external current account recorded a deficit of 9.2 billion euro in the fourth quarter of 2009, compared with a deficit of 54.8 bn in the fourth quarter of 2008 and a deficit of 23.1 bn in the third quarter of 2009.

In the fourth quarter of 2009, compared with the fourth quarter of 2008, the deficit of the goods account decreased (-9.5 bn euro compared with -41.9 bn), as did the deficit of the income account (-0.1 bn compared with -17.5 bn). The surplus of the services account fell (+19.1 bn compared with +23.4 bn). The deficit of the current transfers account remained nearly unchanged (-18.7 bn compared with -18.8 bn).

The surplus recorded in the services account (+19.1 bn euro) is mainly the result of surpluses in “other business services”, which includes miscellaneous business, professional and technical services (+9.9 bn), financial services (+7.8 bn), computer & information services (+5.0 bn) and transportation (+4.7 bn), partially offset by deficits in travel (-4.1 bn) and royalties & license fees (-3.8 bn).

In the fourth quarter of 2009, the EU27 external current account recorded a surplus with the USA (+12.3 bn euro), Switzerland (+10.0 bn), Brazil (+3.6 bn), India (+2.4 bn), Hong Kong (+2.3 bn) and Canada (+2.1 bn), and a deficit with China (-29.8 bn), Russia (-10.3 bn) and Japan (-6.6 bn).

Financial Account

In the fourth quarter of 2009, the EU27 made direct investments abroad of 63.2 bn euro, compared with 50.8 bn in the same quarter of 2008, and foreign direct investors made investments in the EU27 of 80.5 bn, compared with disinvestment of 18.4 bn in the same quarter of 2008. Portfolio investments recorded a net inflow of 40.3 bn, compared with 316.4 bn in the fourth 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.

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