International Internet Magazine. Baltic States news & analytics
Friday, 25.07.2014, 08:16
Lithuanian total account balance Q1 stands at - 0.7 pct
EU27 current account deficit is 4.1 bn euro and 31.1 bn euro surplus for trade in services. According to the latest available data, the EU271 external current account recorded a deficit of 4.1 billion euro in the first quarter of 2012, compared with a deficit of 31.3 bn in the first quarter of 2011.
In the first quarter of 2012, compared with the first quarter of 2011, there was a fall in the deficit of the goods account (-31.6 bn euro compared with -47.3 bn). The surplus of the services account rose (+31.1 bn compared with +20.4 bn), as did the surplus of the income account (+14.4 bn compared with +13.4 bn). The deficit of the current transfers account remained nearly stable (-17.9 bn compared with -17.8 bn).
The surplus recorded in the services account (+31.1 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+12.9 bn), financial services (+7.2 bn), computer & information services (+5.8 bn), transportation (+4.8 bn), insurance services (+2.8 bn) and construction services (+2.4 bn), only partially offset by deficits in royalties & license fees (-1.4 bn) and travel (-0.3 bn). In the first quarter of 2012, the EU27 external current account recorded a surplus with the USA (+20.6 bn euro), Switzerland (+17.3 bn), Brazil (+7.6 bn), Hong Kong (+6.3 bn), Canada (+4.9 bn) and India (+1.3 bn), and a deficit with China (-25.8 bn), Russia (-20.8 bn) and Japan (-5.2 bn).
As concerns the total (intra-EU plus extra-EU) current account balances of the EU27 Member States, nine recorded surpluses and eighteen deficits in the first quarter of 2012. The highest surpluses were observed in Germany (+41.1 bn euro), the Netherlands (+17.5 bn), Sweden (+7.8 bn) and Austria (+3.2 bn), and the largest deficits in the United Kingdom (-14.6 bn), Spain (-14.4 bn), Italy (-13.1 bn) and France (-9.6 bn), reported ELTA/LETA.