According to the latest revisions, the EU27 external current account recorded a deficit of 58.2 billion euro in the first quarter of 2009, compared with a deficit of 46.2 bn in the first quarter of 2008 and a deficit of 68.3 bn in the fourth quarter of 2008.

In the first quarter of 2009, compared with the first quarter of 2008, the surplus of the services account fell (+12.0 bn euro compared with +18.5 bn), while the surplus of the income account turned into a deficit (-9.6 bn compared with +4.0 bn) and the deficit of the current transfers account increased (-17.5 bn compared with -15.5 bn). On the other hand, the deficit of the goods account decreased (-43.1 bn compared with -53.2 bn).

The surplus recorded in the services account (+12.0 bn euro) is mainly the result of surpluses in financial services (+6.9 bn), "other business services", which includes miscellaneous business, professional and technical services (+5.2 bn), computer & information services (+4.6 bn) and transportation (+4.5 bn), partially offset by deficits in travel (-6.0 bn) and royalties & license fees (-4.1 bn).

In the first quarter of 2009, the EU27 external current account recorded a surplus with Switzerland (+8.2 bn euro), Canada (+1.9 bn), Hong Kong (+1.7 bn), and Brazil (+0.3 bn), and a deficit with China (-32.8 bn), Russia (-6.4 bn), Japan (-6.0 bn), the USA (-2.1 bn) and India (-0.9 bn).

Financial Account

In the first quarter of 2009, the EU27 made direct investment abroad of 82.4 bn euro, compared with 162.8 bn in the same quarter of 2008, while foreign direct investors invested 41.8 bn in the EU27, compared with 117.9 bn in the first quarter of 2008. In the first quarter of 2009, portfolio investment recorded a net inflow of 285.6 bn, compared with 209.8 bn in the first quarter of 2008.