The EU28 current account of the balance of payments recorded a surplus of €40.5 bn in Q1 2019

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The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €40.5 billion (1.0% of GDP) in the first quarter of 2019, up from a surplus of €40.2 billion (1.0% of GDP) in the fourth quarter of 2018 and down from a surplus of €58.3 billion (1.5% of GDP) in the first quarter of 2018, according to estimates released by Eurostat, the statistical office of the European Union.

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In the first quarter of 2019 compared with the fourth quarter of 2018, based on seasonally adjusted data, the surpluses of the goods account (+€12.5 bn compared to +€11.3 bn), and the services account (+€48.6 bn compared to +€42.3 bn) both increased, while the deficit of the secondary income account decreased (-€20.6 bn compared to -€27.1 bn). The surplus of the primary income account fell (€0.0 bn compared to +€13.6 bn). The deficit of the capital account decreased (-€8.9 bn compared to -€54.8 bn).

Meanwhile, Cyprus recorded a deficit of -€0.6 bn in Q1 2019 in the current account balance and a €0.4bn surplus in the trade in services balance.

In the first quarter of 2019, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+€53.5 bn), Switzerland (+€20.6 bn), Hong Kong (+€6.0 bn), Canada (+€5.1 bn), Brazil (+€2.5 bn) and Japan (+€0.3 bn). Deficits were registered with China (-€30.6 bn), Russia (-€13.2 bn), India (-€1.9 bn) and offshore financial centres (-€1.0 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU28 increased in the first quarter of 2019 by €110.4 bn, while direct investment liabilities decreased by €1.1 bn. As a result, the EU28 was a net direct investor in the first quarter of 2019 by €111.5 bn. Portfolio investment recorded a net outflow of €16.2 bn, while for other investment there was a net inflow of €103.9 bn.

As concerns the total (intra-EU plus extra-EU) current account balances of the EU28 Member States, based on available non-seasonally adjusted data, eighteen recorded surpluses, eight deficits and one was in balance in the first quarter of 2019. The highest surpluses were observed in Germany (+€67.2 bn), the Netherlands (+€18.1 bn), Sweden (+€6.0 bn), Austria (+€5.4 bn) and Italy (+€4.5 bn), and the largest deficits in the United Kingdom (-€37.1 bn), France (-€15.9 bn), Spain (-€5.5 bn) and Greece (-€3.7 bn).

CNA – Athanasios Athanasiou – Brussels/Belgium 05/07/2019 15:05

CNA/THA/EC/2019
ENDS, CYPRUS NEWS AGENCY

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