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Eurostat: France and Romania had the highest current account deficit in the EU in Q1

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In the first quarter of 2021, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €116.5 billion (3.4% of GDP), down from a surplus of €127.3 billion (3.7% of GDP) in the fourth quarter of 2020 and up from a surplus of €69.8 billion (2.0% of GDP) in the first quarter of 2020, according to estimates released by Eurostat, the statistical office of the European Union.

 

In the first quarter of 2021 compared with the fourth quarter of 2020, based on seasonally adjusted data, the surplus of the goods account decreased (+€99.2 bn compared to +€108.7 bn), as did the surplus of the services account (+€33.1 bn compared to +€39.9 bn).

 

The deficit of the primary income account moved to a surplus (+€4.7 bn compared to -€6.9 bn), while the deficit of the secondary income account increased (-€20.5 bn compared to -€14.4 bn). The deficit of the capital account decreased (-€3.8 bn compared to -€10.5 bn).

 

Main partners

 

In the first quarter of 2021, based on non-seasonally adjusted data, the EU recorded external current account surpluses with the United Kingdom (+€53.3 bn), the USA (+€29.4 bn), Switzerland (+€21.7 bn), Brazil (+€5.9 bn), Hong Kong (+€5.1 bn), Canada (+€4.7 bn) and India (+€1.7 bn). Deficits were registered with China (-€26.7 bn), Russia (-€4.3 bn), Japan (-€3.4 bn) and the offshore financial centres (-€3.3 bn).

 

Financial account

 

Based on non-seasonally adjusted data, direct investment assets of the EU increased in the first quarter of 2021 by €66.2 bn, while direct investment liabilities increased by €12.7 bn. As a result, the EU was a net direct investor to the rest of the world in the first quarter of 2021 by €53.5 bn. Portfolio investment recorded a net outflow of €113.9 bn and for other investment there was a net outflow of €17.0 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, for which nonseasonally adjusted data are available, thirteen Member States recorded surpluses, eleven deficits and two were in balance in the first quarter of 2021. The highest surpluses were observed in Germany (+€66.5 bn), the Netherlands (+€22.6 bn), Sweden (+€7.7 bn) and Italy (+€7.1 bn). The largest deficits were recorded for France (-€11.0 bn), Romania (-€3.0 bn), Greece (-€2.7 bn) and Spain (-€2.1 bn)

 (Photo:https://www.shutterstock.com/)

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