Date: January 15, 2019

According to the latest report published by Eurostat, the statistical office of the European Union, “the EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €38.7 billion (1.0% of GDP) in the third quarter of 2018, down from a surplus of €59.9 billion (1.5% of GDP) in the second quarter of 2018 and from a surplus of €60.4 billion (1.6% of GDP) in the third quarter of 2017.”

However, in comparison to the second quarter of 2018, in the third quarter of 2018 the surplus of the goods account decreased (+€10.2 bn compared to +€24.4 bn) and the surplus of the services account (+€49.3 bn compared to +€51.0 bn). While, the surplus in the primary income account (+€0.4 bn compared +€5.2 bn).

Eurostat further stated that the deficit of the secondary income increased (-€21.2 bn compared to -€20.8 bn) as did the deficit of the capital account (-€3.4 bn compared to -€3.2 bn).

Current account of Member States (including intra-EU flows)

Based on available non-seasonally adjusted data, in the EU28 Member States, the total (intra-EU plus extra-EU) current account balances recorded eighteen surpluses and ten deficits in the third quarter of 2018.

Notably, the highest surpluses were observed in Germany (+€51.7 bn), the Netherlands (+€20.5 bn), Italy (+€15.1 bn), Ireland (+€9.1 bn) and Denmark (+€5.9) and the largest deficits in the United Kingdom (-€35.4 bn), Romania (-€3.2 bn), France and Poland (both -€2.5 bn).

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