Cyprus records -Euros 1.1 billion current account deficit in Q4 2017, and Euros 0.9billion surplus in the services balance

The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of Euros 63.5 billion (1.6% of GDP) in the fourth quarter of 2017, down from a surplus of Euros 67.4 billion (1.8% of GDP) in the third quarter of 2017 and from a surplus of Euros 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. In the same quarter Cyprus recorded a deficit of -Euros 1.1billion, compared to a deficit of -Euros 0.4billion in the third quarter and -Euros 0.9billion in the last quarter of 2016.

In the EU28, during the fourth quarter of 2017 compared with the third quarter of 2017, based on seasonally adjusted data, the surplus of the goods account increased (+Euros 40.9 bn compared to +Euros 40.3 bn), while the surplus of the services account decreased (+Euros 49.7 bn compared to +Euros 50.1 bn). The primary income account turned from balance into a deficit (-Euros 4.1 bn compared to Euros 0.0 bn). The deficit of the secondary income account increased slightly (-Euros 23.0 bn compared to -Euros 22.9 bn), while the deficit of the capital account decreased (-Euros 3.9 bn compared to -Euros 6.4 bn). In Cyprus the trade in services balance was positive at Euros 0.9billion in the forth quarter of 2017, while it was Euros 1.5billion in the third quarter and Euros 0.6 billion in the forth quarter of 2016.

In the fourth quarter of 2017, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+Euros 52.5 bn), Switzerland (+Euros 14.8 bn), offshore financial centres (+Euros 13.6 bn), Brazil (+Euros 7.9 bn), Canada (+Euros 7.3 bn), Hong Kong (+Euros 6.1 bn) and India (+Euros 0.9 bn). Deficits were registered with China (-Euros 27.4 bn), Russia (-Euros 6.5 bn) and Japan (-Euros 0.9 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU28 increased in the fourth quarter of 2017 by Euros 73.5 bn, as did direct investment liabilities by Euros 77.0 bn. As a result, the EU28 was a net recipient of direct investment in the fourth quarter of 2017 by Euros 3.5 bn. Portfolio investment recorded a net outflow of Euros 21.7 bn, and for other investment there was a net outflow of Euros 98.6 bn.

Source: Cyprus News Agency