The EU28 current accounts record Euros 69.4 billion surplus for Q3 2019, balanced current accounts in Cyprus

The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of Euros 69.4 billion (1.7% of GDP) in the third quarter of 2019, up from a surplus of Euros 43.5 billion (1.1% of GDP) in the second quarter of 2019 and from a surplus of Euros 42.0 billion (1.1% of GDP) in the third quarter of 2018, according to estimates released by Eurostat. the statistical office of the European Union.

Cyprus recorded a totally balanced current accounts (0.0) in Q3 2019 and a 1.6 billion surplus in the trade in services balance for the same quarter.

In the third quarter of 2019. based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+Euros 71.2 bn), Switzerland (+Euros 13.4 bn), offshore financial centres (+Euros 10.0 bn), Canada (+Euros 10.4 bn), Hong Kong (+Euros 6.9 bn), Brazil (+Euros 6.8 bn) and Japan (+Euros 1.3 bn). Deficits were registered with China (-Euros 31.8 bn), Russia (-Euros 2.7 bn) and India (-Euros 1.6 bn).

Based on non-seasonally adjusted data. direct investment assets of the EU28 increased in the third quarter of 2019 by Euros 139.4 bn, while direct investment liabilities grew by Euros 127.8 bn. As a result, the EU28 was a net direct investor to rest of the world in the third quarter of 2019 by Euros 11.6 bn. Portfolio investment recorded a net inflow of Euros 126.1 bn, while for other investment there was a net outflow of Euros 73.9 bn.

As concerns the total current account balances of the EU28 Member States, based on available non-seasonally adjusted data, seventeen recorded surpluses, ten deficits and one was in balance in the third quarter of 2019. The highest surpluses were observed in Germany (+Euros 63.2 bn), the Netherlands (+Euros 19.3 bn), Italy (+Euros 17.3 bn), Ireland (+Euros 11.2 bn) and Denmark (+Euros 8.3 bn), and the largest deficits in the United Kingdom (-Euros 23.9 bn), France (-Euros 4.1 bn) and Romania (-Euros 3.6 bn).

Source: Cyprus News Agency