EU's current account deficit fell to 21 bln euros in Q4 2008

EU’s current account deficit fell to 21 billion euros in the fourth quarter of 2008, down from Q3 deficit of 60.8 billion euro and up 48% from prior-year period, Eurostat informs.

In third quarter last year, EU current account deficit stood at 60.8 billion euros, while in October – December 2007 it equated 14.2 bln euros.

The current account balance as share in GDP fell to 0.7% from 2% in Q3 2008 and climbed 0.3% from prior-year period.

Eurostat made public the preliminary statistics on balance of trade in services, indicating recorded a surplus of 23.0 billion euro, compared with a surplus 19.3 billion euro in the third quarter of 2008. The balance of trade in services hiked 3.3 bln euros from prior-year period.

The current account deficit of the euro area widened by 15% in Q4 2008 up to 14.6 bln euros from Q3 last year. In fourth quarter 2007, the states of the euro area recorded a 10.6 billion euro surplus.

The surplus of balance of trade in services reduced by 6.3 bln euros versus prior quarter up to 9 bln euros. In the last quarter of 2007, the balance of trade in services recorded a 11.2 bln euro surplus.

In the data released today, Eurostat has used a new method for the calculation of portfolio investment income debits as counterpart of a portfolio investment transaction (e.g. the purchase of shares on the stock exchange) is difficult to identify.


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