Analytics, EU – Baltic States, EU – CIS, GDP, Russia, USA

In the second quarter of 2018 compared with the first quarter of 2018, based on seasonally adjusted data, the surplus of the goods account decreased (+24.6 bln euros compared to +37.7 bln euros). The surplus of the services account grew (+54.0 bln euros compared to +50.6 bln euros), as did the surplus in the primary income account (+5.1 bln euros compared to +0.8 bln euros). The deficit of the secondary income account increased (-21.8 bln euros compared to -20.9 bln euros), as did the deficit of the capital account (-3.5 bln euros compared to -1.6 bln euros).

Main partners

In the second quarter of 2018, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+44.7 bln euros), Switzerland (+16.0 bln euros), offshore financial centres (+10.5 bln euros), Hong Kong (+7.8 bln euros), Canada (+6.7 bln euros), Brazil (+5.4 bln euros) and India (+0.3 bln euros). Deficits were registered with China (-17.3 bln euros), Russia (-9.5 bln euros) and Japan (-6.2 bln euros).

Financial account

Based on non-seasonally adjusted data, direct investment assets of the EU28 dropped in the second quarter of 2018 by 60.4 bln euros, as did direct investment liabilities by 37.7 bln euros. As a result, the EU28 was a net recipient of direct investment in the second quarter of 2018 by 22.7 bln euros. Portfolio investment recorded a net inflow of 90.5 bln euros, and for other investment there was a net outflow of 37.2 bln euros.

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, sixteen recorded surpluses, eleven deficits and one was in balance in the second quarter of 2018. The highest surpluses were observed in Germany (+63.8 bln euros), the Netherlands (+16.8 bln euros), Italy (+10.5 bln euros), Ireland (+10.2 bln euros) and Denmark (+3.6 euros), and the largest deficits in the United Kingdom (-20.7 bln euros), Romania (-2.6 bln euros) and Belgium (-2.4 bln euros).