Insider Economy The EU28 current accounts record €69.4 billion surplus for Q3 2019, balanced...

The EU28 current accounts record €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 €69.4 billion (1.7% of GDP) in the third quarter of 2019, up from a surplus of €43.5 billion (1.1% of GDP) in the second quarter of 2019 and from a surplus of €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 (+€71.2 bn), Switzerland (+€13.4 bn), offshore financial centres (+€10.0 bn), Canada (+€10.4 bn), Hong Kong (+€6.9 bn), Brazil (+€6.8 bn) and Japan (+€1.3 bn). Deficits were registered with China (-€31.8 bn), Russia (-€2.7 bn) and India (-€1.6 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU28 increased in the third quarter of 2019 by €139.4 bn, while direct investment liabilities grew by €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 €11.6 bn. Portfolio investment recorded a net inflow of €126.1 bn, while for other investment there was a net outflow of €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 (+€63.2 bn), the Netherlands (+€19.3 bn), Italy (+€17.3 bn), Ireland (+€11.2 bn) and Denmark (+€8.3 bn), and the largest deficits in the United Kingdom (-€23.9 bn), France (-€4.1 bn) and Romania (-€3.6 bn).

(Cyprus News Agency)

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