RSS
Fourth quarter of 2022 : EU current account surplus €10.5 bn - €64.2 bn surplus for trade in services
In the fourth quarter of 2022, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €10.5 billion (0.3% of GDP), compared with a deficit of €80.4 billion (-2.0% of GDP) in the third quarter of 2022 and a surplus of €67.2 billion (+1.8% of GDP) in the fourth quarter of 2021, according to estimates released by Eurostat, the statistical office of the European Union.
Current and Capital accounts
In the fourth quarter of 2022 compared with the third quarter of 2022, based on seasonally adjusted data, the deficit of the goods account decreased (-€17.5 bn compared to -€74.1 bn) and the surplus of the services account increased (+€64.2 bn compared to +€20.6 bn). The deficit of the primary income account increased (-€11.3 bn compared to -€5.5 bn), as did the deficit of the secondary income account (-€25.0 bn compared to -€21.5 bn). During the same period, the deficit of the capital account decreased (-€1.0 bn compared to -€7.1 bn).
Main partners
In the fourth quarter of 2022, based on non-seasonally adjusted data, the EU recorded external current account surpluses with the United Kingdom (+€38.0 bn), Switzerland (+€28.5 bn), Canada (+€16.0 bn), the USA (+€9.5 bn), Hong Kong (+€7.5 bn), Japan (+€5.6 bn), offshore financial centres (+€5.5 bn) and India (+€2.4 bn). Deficits were registered with China (-€57.7 bn), Russia (-€13.0 bn) and Brazil (-€3.1 bn).
Financial account
Based on non-seasonally adjusted data, direct investment assets of the EU decreased in the fourth quarter of 2022 by €376.4 bn and direct investment liabilities decreased by €389.9 bn. As a result, the EU was a net direct investor to the rest of the world by €13.6 bn. At the same time, portfolio investment recorded a net inflow of €25.6 bn, while other investment recorded a net outflow of €26.3 bn.
Current account of Member States (including intra-EU flows)
As concerns the total (intra-EU plus extra-EU) current account balances of the EU Member States, based on available non-seasonally adjusted data, nine Member States recorded surpluses, sixteen recorded deficits and two had their current accounts in balance in the fourth quarter of 2022. The highest surpluses were observed in Germany (+€53.1 bn), Ireland (+€15.8 bn), Denmark (+€12.3 bn), Sweden (+€7.8 bn), Spain (+€7.0 bn), as well as the Netherlands (+€4.3 bn) and Italy (+€3.0 bn). The largest deficits were recorded for Greece (-€9.2 bn), France (-€6.7 bn), Romania (-€5.9 bn), Hungary (-€4.7 bn) and Czechia (-€3.4 bn).