Second estimate for the third quarter of 2008 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in services

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1 STAT/09/12 22 January 2009 Second estimate for the third quarter of 20 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in According to the latest revisions1, the EU272 external current account3 recorded a deficit of 39.5 billion euro in the third quarter of 20, compared with a deficit of 9.7 bn in the third quarter of 2007 and a deficit of 29.6 bn in the second quarter of 20. In the third quarter of 20, compared with the third quarter of 2007, the deficit of the goods account increased significantly (-64.0 bn euro compared with bn) and the surplus of the account diminished (+19.3 bn compared with bn). The surplus of the income account (+19.4 bn compared with bn) remained nearly stable, as did the deficit of the current transfers account (-14.3 bn compared with bn). The surplus recorded in the account (+19.3 bn euro) is mainly the result of surpluses in financial (+8.1 bn), "other business ", which includes miscellaneous business, professional and technical (+7.9 bn), transportation (+5.8 bn) and computer & information (+4.7 bn), partially offset by deficits in travel (-7.2 bn) and royalties & license fees (-3.5 bn). In the third quarter of 20, the EU27 external current account recorded a surplus with the USA (+24.5 bn euro), Switzerland (+7.5 bn), Canada (+2.5 bn) and Brazil (+1.9 bn), and a deficit with China (-41.9 bn), Russia (-14.2 bn) and Japan (-6.7 bn). These provisional data, issued by Eurostat, the Statistical Office of the European Communities, are subject to revision. In particular, with the publication of the first estimate for the fourth quarter of 20 scheduled for 11 March 2009, a revised methodology will be applied. As a result, the figures for the current account will be revised from the first quarter of See at the end of this News Release for more details. Balance of payments euro-indicators for EU27 Q3/2007 Q4/2007 Q1/20 Q2/20 Q3/20 EU27 current account balance r EU27 balance of trade in r 19.3 EU27 current account balance as % of GDP -0.3% 0.2% -0.6% -0.9%r -1.3% r: revised

2 EU27 current account Total Goods Services Income Current Transfers Q3/ Q4/ Q1/ Q2/ Q3/ EU27 account Q3/2007 Q4/2007 Q1/20 Q2/20 Q3/20 Services Transportation Travel Other Communication Construction Insurance Financial Computer & info. Royalties & licence fees Other business Personal, cultural & rec. Government, n.i.e. Services not allocated

3 EU27 Current account - geographical breakdown of the main components Total Goods Services Income Current transfers Partner Period Total USA Switzerland China* Russia Japan Canada Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Hong Kong Q1/ Q2/ Q3/ * excluding Hong Kong

4 Partner India Brazil Other countries Period Total Goods Services Income Current transfers Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/

5 Balance of payments euro-indicators for the euro area 4 (EA15) Q3/2007 Q4/2007 Q1/20 Q2/20 Q3/20 Euro area current account balance r Euro area balance of trade in r 15.3 Euro area current account balance as % of GDP 0.8% 0.5% -0.4% -1.1%r -0.6% r: revised Source: European Central Bank (ECB Press Release 20 January 2009) Euro area (EA15) current account Total Goods Services Income Current Transfers Q3/ Q4/ Q1/ Q2/ Q3/ Source: European Central Bank (ECB Press Release 20 January 2009) Oct 07 Euro area (EA15) current account - Monthly data Nov Dec Jan Feb Mar Apr May Jun Current account balance Source: European Central Bank (ECB Press Release 20 January 2009) Jul Aug Sep Oct 1. The first estimate for Q3 20, published in News Release 175/20 of 11 December 20, was a deficit of 26.0 bn euro for the EU27 current account. That first estimate was based on figures (current account and trade in balances) provided by the Member States to Eurostat two months after the reference quarter, and was provisional. This second release is based on more detailed quarterly data, transmitted to Eurostat by the Member States three months after the reference quarter. These data may also be subject to revision when data for later quarters are transmitted by the Member States. There are noticeable differences with the figures released earlier for Q3 20, as several Member States, in particular the United Kingdom, substantially revised their data. All the figures can be downloaded free of charge from the balance of payments section of the Eurostat web site Sums of components and data of different periodicity may not add up due to rounding. 2. 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 (EA15) consisted of 15 Member States up to 31 December 20: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland. From 1 January 2009 the euro area (EA16) also includes Slovakia. Data on EA16 will be available with the second release for Q The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and, 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 up to the frontier of the exporting country. The account consists of the following items: transportation 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, travel, which includes primarily the goods and EU travellers acquire from non-eu residents, or vice versa, and other. The latter include: communication, construction, insurance, financial, computer and information, royalties and licence fees, other business (which comprise merchanting and other trade-related, operational leasing and miscellaneous business, professional and technical ), personal, cultural and recreational and government not included

6 elsewhere. 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 cooperation 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. 4. In line with the agreed allocation of responsibility, the European Central Bank (ECB) ( 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. Forthcoming revision of the current account With the publication of the first estimate for Q4 20, scheduled for 11 March 2009, Eurostat will adopt a new method for the calculation of portfolio investment income debits. This change will improve the quality and the comparability of the Balance of Payments data. Its application will lead to a significant revision of the current account and specifically the income account. Nevertheless, the trend of the time series will remain largely unchanged. This improvement will also enable the publication of most items of the financial account of the EU. With the release of the second estimate of the current account for Q4 20, scheduled for 22 April 2009, Eurostat will publish for the first time items of the financial account, such as direct investment, portfolio investment and financial derivatives. Issued by: Eurostat Press Office Tim ALLEN Tel: mailto:eurostat-pressoffice@ec.europa.eu For further information on data: Luca PAPPALARDO Tel: mailto:luca.pappalardo@ec.europa.eu Maribel LAZARO Tel: mailto:maria-isabel.lazaro@ec.europa.eu Eurostat news releases on the Internet: Selected Principal European Economic Indicators:

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