April 10, 2018
The EU28 recorded a current account surplus of €63.5 billion (1.6% of GDP) in the fourth quarter of 2017, down from a surplus of €67.4 billion (1.8% of GDP) in the third quarter of 2017 and from a surplus of €64.4 billion (1.7% of GDP) in the fourth quarter of 2016, according to estimates released by Eurostat, the statistical office of the European Union.
As stated by Eurostat, “in the fourth quarter of 2017 compared with the third quarter of 2017, the surplus of the goods account increased by €40.9 billion compared to €40.3 billion, while the surplus of the services account decreased by €49.7 billion compared to €50.1 bn. The primary income account turned from balance into a deficit (-€4.1 billion compared to €0.0 billion). The deficit of the secondary income account increased slightly (-€23.0 billion compared to -€22.9 billion), while the deficit of the capital account decreased (-€3.9 billion compared to -€6.4 billion).”
Main trading partners
In the fourth quarter of 2017, the EU28 recorded external current account surpluses with the USA (+€52.5 billion), Switzerland (+€14.8 billion), offshore financial centres (+€13.6 billon), Brazil (+€7.9 billion), Canada (+€7.3 billion), Hong Kong (+€6.1 billion) and India (+€0.9 billion). Deficits were registered with China (-€27.4 billion), Russia (-€6.5 billion) and Japan (-€0.9 billion).
Financial Account
Additionally, direct investment assets of the EU28 increased in the fourth quarter of 2017 by €73.5 billion, as did direct investment liabilities by €77.0 bn. As a result, the EU28 was a net recipient of direct investment in the fourth quarter of 2017 by €3.5 bn. Portfolio investment recorded a net outflow of €21.7 billion, and for other investment there was a net outflow of €98.6 bn.
Source: Eurostat
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