According to the latest revisions, the EU27 external current account recorded a deficit of 30.9 billion euro in the second quarter of 2008, compared with a deficit of 10.2 bn in the second quarter of 2007 and a deficit of 20.1 bn in the first quarter of 2008.

In the second quarter of 2008, compared with the second quarter of 2007, the deficit of the goods account increased significantly (-49.0 bn euro compared with -28.3 bn), while the surplus of the services account diminished (+20.5 bn compared with +24.5 bn). The surplus of the income account rose (+9.7 bn compared with +5.5 bn). The deficit of the current transfers account slightly increased (-12.1 bn compared with -11.8 bn).

The surplus recorded in the services account (+20.5 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+8.1 bn), financial services (+7.4 bn), transportation (+4.7 bn) and computer & information services (+4.6 bn), partially offset by deficits in travel (-5.0 bn) and royalties & license fees (-1.6 bn).

In the second quarter of 2008, the EU27 external current account recorded a surplus with the USA (+17.8 bn euro), Switzerland (+6.8 bn), Canada (+3.5 bn) and Hong Kong (+1.6 bn), and a deficit with China (-29.2 bn), Russia (-14.2 bn) and Japan (-6.1 bn).