Cyprus current accounts record -0.7 billion deficit in quarterly and +0.6 surplus on annual basis

Cyprus seasonally adjusted current account balance of payments recorded a deficit of -0.7 billion Euro in Q1 2017, compared to the previous quarter and a surplus of +0.6 billion compared to the first quarter of 2016, according to estimates released by Eurostat, the statistical office of the European Union.

Meanwhile, the EU28 seasonally adjusted current account of the balance of payments recorded a surplus of Euros 58.9 billion (1.6% of GDP) in the first quarter of 2017, up from a surplus of Euros 52.9 billion (1.4% of GDP) in the fourth quarter of 2016 and from a surplus of Euros 57.4 billion (1.5% of GDP) in the first quarter of 2016,

In the first quarter of 2017 compared with the fourth quarter of 2016, based on seasonally adjusted data, the surplus of the services account grew (+Euros 38.8 bn compared to +Euros 15.8 bn).

The surplus of the goods account fell (+Euros 33.9 bn compared to +Euros 43.3 bn), as did the surplus of the primary income account +(Euros 8.3 bn compared to +Euros 12.6 bn). The deficit of the secondary income account increased (-Euros 22.1 bn compared to -Euros 18.8 bn).

In the first quarter of 2017, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+Euros 40.5 bn), Switzerland (+Euros 18.4 bn), Hong Kong (+Euros 5.8 bn), Brazil (+Euros 4.7 bn) and Canada (+Euros 4.2 bn).

Deficits were registered with China (-Euros 28.1 bn), Russia (-Euros 11.2 bn), Japan (-Euros 1.5 bn), India (-Euros 0.5 bn) and offshore financial centres (-Euros 0.1 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU28 increased in the first quarter of 2017 by Euros 113.1 bn, while direct investment liabilities grew by Euros 76.1 bn.

As a result, the EU28 was a net investor in the first quarter of 2017 by Euros 37.0 bn. Portfolio investment recorded a net outflow of Euros 6.1 bn, while for other investment there was net inflow of Euros 55.4 bn.

Source: Cyprus News Agency