STAT/07/172 11 December 2007
First estimate for the third quarter of 2007 EU27 current account deficit 16.3 bn euro 24.2 bn euro surplus on trade in services
The EU271 external current account2 recorded a deficit of 16.3 billion euro in the third quarter of 2007, as compared with a deficit of 24.6 bn in the third quarter of 2006 and a deficit of 14.6 bn in the second quarter of 2007.
In the third quarter of 2007, the EU27 external balance of trade in services recorded a surplus of 24.2 bn euro, as compared with a surplus of 16.7 bn in the third quarter of 2006 and a surplus of 23.6 bn in the second quarter of 2007.
These provisional data3, issued by Eurostat, the Statistical Office of the European Communities, will be subject to revision.
Balance of payments euro-indicators for the EU27
(in bn euro)
Q3/2006 Q4/2006 Q1/2007 Q2/2007 Q3/2007 EU27 current account balance -24.6 -21.5 -28.1 -14.6 -16.3 EU27 balance of trade in services 16.7 17.9 16.7 23.6 24.2 EU27 current account balance as % of GDP -0.9 -0.7 -0.9 -0.5 -0.5 Source: Eurostat Balance of payments euro-indicators for the euro area4 (EA13)
(in bn euro)
Q3/2006 Q4/2006 Q1/2007 Q2/2007 Q3/2007 Euro area current account balance -6.1 16.4 -0.2 -1.4 10.7 Euro area balance of trade in services 10.2 7.6 7.8 14.4 12.9 Euro area current account balance as % of GDP -0.3 0.7 0.0 -0.1 0.5 Source: European Central Bank (ECB Press Release 22 November 2007)
Balance of payments euro-indicators for the euro area (EA13) - Monthly data5
(in bn euro)
Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Euro area current account balance 0.7 0.5 1.4 14.5 -3.7 -3.6 7.1 -3.6 -11.6 13.8 4.8 1.5r 4.4 Euro area balance of trade in services 3.5 2.4 1.6 3.5 1.1 2.9 3.8 3.5 4.0 6.9 4.6 3.5r 4.8 r: revised Source: European Central Bank (ECB Press Release 22 November 2007)
The EU27 includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.The euro area (EA13) consists of Belgium, Germany, Ireland, Greece, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Slovenia and Finland.
The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and services, income and current transfers. More specifically, the four main components of the current account are defined as follows:The goods account covers general merchandise, goods for processing, repairs on goods, goods procured in ports by carriers and non-monetary gold. Exports and imports of goods are recorded on a f.o.b./f.o.b. basis, i.e. at market value at the customs frontiers of exporting economies, including charges for insurance and transport services up to the frontier of the exporting country.
The services account consists of the following items: transportation services performed by EU residents for non-EU residents, or vice versa, involving the carriage of passengers, the movement of goods, rentals of carriers with crew and related supporting and auxiliary services, travel, which includes primarily the goods and services EU travellers acquire from non-EU residents, or vice versa, and other services, which comprise those service transactions such as communication services, insurance, financial services etc.
The income account covers two types of transactions: compensation of employees paid to non-resident workers or received from non-resident employers, and investment income accrued on external financial assets and liabilities.
The current transfers account includes general government current transfers, e.g. transfers related to international co-operation between governments, payments of current taxes on income and wealth, etc., and other current transfers, e.g. workers’ remittances, insurance premiums - less service charges - and claims on non-life insurance companies.
The EU balance of payments euro-indicators (first estimates for the reference quarter) are based on figures (current account and trade in services balances) provided by the Member States to Eurostat two months after the reference quarter, and should be considered as provisional. This News Release corresponds to these first estimates. Eurostat then produces a second release once the quarterly data are transmitted to Eurostat, on a more complete basis, three months after the reference quarter. Figures may also be subject to revision when data for later quarters are transmitted by the Member States. The second release for the third quarter of 2007 will be issued on 23 January 2008. In line with the agreed allocation of responsibility, the European Central Bank (ECB) (www.ecb.int, section statistics/statistical press releases) is in charge of compiling and disseminating monthly and quarterly balance of payments statistics for the euro area, whereas the European Commission (Eurostat) focuses on quarterly and annual aggregates of the EU. The data comply with international standards, in particular those set out in the IMF Manual on Balance of Payments Statistics (5th edition). The aggregates for the euro area and the EU are compiled consistently on the basis of Member States' transactions with residents of countries outside the euro area and the European Union respectively. Monthly data may not add up to quarterly data due to rounding. Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301-33 444 eurostat-pressoffice@ec.europa.eu For further information on data: Luca PAPPALARDO Tel: +352-4301-38 356 luca.pappalardo@ec.europa.eu Eurostat news releases on the Internet:
http://ec.europa.eu/eurostat
