Cyprusregistered a current accountsurplus of Euros 0.1 bn and trade in services surplus of Euros 1.4bn in Q3 2018

Cyprusregistered a current accountsurplus of Euros 0.1 bn in Q3 2018 and trade in services surplus of Euros 1.4bn on the same quarter, 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 38.7 billion (1.0% of GDP) in the third quarter of 2018, down from a surplus of Euros 59.9 billion (1.5% of GDP) in the second quarter of 2018 and from a surplus of Euros 60.4 billion (1.6% of GDP) in the third quarter of 2017.

In the third quarter of 2018 compared with the second quarter of 2018, based on seasonally adjusted data, the surplus of the goods account decreased (+Euros 10.2 bn compared to +Euros 24.4 bn), as did the surplus of the services account (+Euros 49.3 bn compared to +Euros 51.0 bn) and the surplus in the primary income account (+Euros 0.4 bn compared to +Euros 5.2 bn). The deficit of the secondary income account increased (-Euros 21.2 bn compared to -Euros 20.8 bn), as did the deficit of the capital account (-Euros 3.4 bn compared to -Euros 3.2 bn).

In the third quarter of 2018, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+Euros 56.9 bn), Switzerland (+Euros 20.8 bn), Canada (+Euros 8.9 bn), Hong Kong (+Euros 7.3 bn), Brazil (+Euros 6.3 bn) and India (+Euros 1.1 bn). Deficits were registered with China (-Euros 29.6 bn), Russia (-Euros 12.6 bn), Japan (-Euros 1.8 bn) and offshore financial centres (-Euros 0.4 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU28 grew in the third quarter of 2018 by Euros 68.6 bn, while direct investment liabilities increased by Euros 21.7 bn. As a result, the EU28 was a net direct investor in the third quarter of 2018 by Euros 46.9 bn. Portfolio investment recorded a net inflow of Euros 12.0 bn, and for other investment there was a net outflow of Euros 18.1 bn.

As concerns the total (intra-EU plus extra-EU) current account balances of the EU28 Member States, based on available non-seasonally adjusted data, eighteen recorded surpluses and ten deficits in the third quarter of 2018. The highest surpluses were observed in Germany (+Euros 51.7 bn), the Netherlands (+Euros 20.5 bn), Italy (+Euros 15.1 bn), Ireland (+Euros 9.1 bn) and Denmark (+Euros 5.9), and the largest deficits in the United Kingdom (-Euros 35.4 bn), Romania (-Euros 3.2 bn), France and Poland (both -Euros 2.5 bn).

Source: Cyprus News Agency