The FINANCIAL — The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €58.9 billion (1.6% of GDP) in the first quarter of 2017, up from a surplus of €52.9 billion (1.4% of GDP) in the fourth quarter of 2016 and from a surplus of €57.4 billion (1.5% of GDP) in the first quarter of 2016, according to estimates released by Eurostat, the statistical office of the European Union.
In the first quarter of 2017 compared with the fourth quarter of 2016, based on seasonally adjusted data, the surplus of the services account grew (+€38.8 bn compared to +€15.8 bn). The surplus of the goods account fell (+€33.9 bn compared to +€43.3 bn), as did the surplus of the primary income account +(€8.3 bn compared to +€12.6 bn). The deficit of the secondary income account increased (-€22.1 bn compared to -€18.8 bn).
Main partners
In the first quarter of 2017, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+€40.5 bn), Switzerland (+€18.4 bn), Hong Kong (+€5.8 bn), Brazil (+€4.7 bn) and Canada (+€4.2 bn). Deficits were registered with China (-€28.1 bn), Russia (-€11.2 bn), Japan (-€1.5 bn), India (-€0.5 bn) and offshore financial centres (-€0.1 bn).
Financial account
Based on non-seasonally adjusted data, direct investment assets of the EU28 increased in the first quarter of 2017 by €113.1 bn, while direct investment liabilities grew by €76.1 bn. As a result, the EU28 was a net investor in the first quarter of 2017 by €37.0 bn. Portfolio investment recorded a net outflow of €6.1 bn, while for other investment there was net inflow of €55.4 bn.
Current account of Member States (including intra-EU flows)
As concerns the total (intra-EU plus extra-EU) current account balances of the EU28 Member States, based on available non-seasonally adjusted data, seventeen recorded surpluses, nine deficits and one was in balance in the first quarter of 2017. The highest surpluses were observed in Germany (+€65.9 bn), the Netherlands (+€20.2 bn), Italy (+€5.5 bn) and Sweden (+€5.0), and the largest deficits in France (-€20.3 bn), the United Kingdom (-€19.3 bn) and Greece (-€2.6 bn).
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