The FINANCIAL — The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €69.4 billion (1.8% of GDP) in the third quarter of 2017, up from a surplus of €47.5 billion (1.2% of GDP) in the second quarter of 2017 and from a surplus of €44.8 billion (1.2% of GDP) in the third quarter of 2016, according to estimates released by Eurostat, the statistical office of the European Union.
In the third quarter of 2017 compared with the second quarter of 2017, based on seasonally adjusted data, the surplus of the goods account increased (+€43.1 bn compared to +€34.1 bn), as did the surplus of the services account (+€46.5 bn compared to +€40.1 bn). The deficit of the primary income account turned into a surplus (+€2.0 bn compared to -€2.6 bn). The deficit of the secondary income account decreased (-€22.1 bn compared to -€24.2 bn), as did the deficit of the capital account (-€6.4 bn compared to -€13.4 bn).
In the third quarter of 2017, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+€46.3 bn), Switzerland (+€18.2 bn), Brazil (+€8.3 bn), Canada (+€6.6 bn), Hong Kong (+€6.0 bn) and offshore financial centres (+€2.8 bn). Deficits were registered with China (-€28.6 bn), Japan (-€2.8 bn) and Russia (-€1.5 bn), while there was a balance with India.
Based on non-seasonally adjusted data, direct investment assets of the EU28 dropped in the third quarter of 2017 by €87.6 bn, as did direct investment liabilities by €160.8 bn. As a result, the EU28 was a net investor of direct investment in the third quarter of 2017 by €73.2 bn. Portfolio investment recorded a net outflow of €110.9 bn, and for other investment there was a net outflow of €2.3 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, twenty recorded surpluses, six deficits and two were in balance in the third quarter of 2017. The highest surpluses were observed in Germany (+€62.8 bn), the Netherlands (+€18.1 bn), Italy (+€16.4 bn) and Ireland (+€14.5), and the largest deficits in the United Kingdom (-€31.6 bn), Romania (-€1.5 bn) and Czech Republic (-€1.4 bn).