The EU27 external current account recorded a surplus of 31.4 billion euro (0.9% of GDP) in the fourth quarter of 2012, compared with a surplus of 21.8 bn (0.7% of GDP) in the fourth quarter of 2011, according to a second estimate released by Eurostat, the statistical office of the European Union.

In the fourth quarter of 2012, compared with the fourth quarter of 2011, the balance of the goods account moved from a deficit to a surplus (+3.4 bn euro compared with -16.8 bn) and the deficit of the current transfers account decreased (-19.9 bn compared with -22.7 bn). The surplus of the income account fell (+11.7 bn compared with +23.4 bn), while the surplus of the services account was slightly reduced (+36.2 bn compared with +37.8 bn).

The surplus recorded in the services account (+36.2 bn euro) was mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+15.5 bn), computer & information services (+7.7 bn), financial services (+7.4 bn), transportation (+5.6 bn), construction services (+2.8 bn) and insurance services (+1.7 bn), partly offset by a deficit in royalties & license fees (-1.5 bn).

In the fourth quarter of 2012, the EU27 external current account recorded a surplus with the USA (+23.2 bn euro), Switzerland (+18.0 bn), Brazil (+8.6 bn), Hong Kong (+7.5 bn), Canada (+4.6 bn) and India (+1.6 bn), and a deficit with China (-29.0 bn), Russia (-15.1 bn) and Japan (-1.3 bn).

Financial Account

In the fourth quarter of 2012, the EU27 made disinvestment abroad of 1.2 bn euro, compared with investment of 124.6 bn in the same quarter of 2011, while foreign direct investors made disinvestment in the EU27 of 18.3 bn, compared with investment of 121.5 bn in the same quarter of 2011. Portfolio investment recorded a net outflow of 33.3 bn, compared with a net outflow of 12.0 bn in the fourth quarter of 2011.

Current account of Member States (including intra-EU flows)

As concerns the total (intra-EU plus extra-EU) current account balances of the EU27 Member States5, thirteen recorded surpluses, eleven deficits and three were in balance in the fourth quarter of 2012. The highest surpluses were observed in Germany (+53.5 bn euro), the Netherlands (+17.1 bn), Sweden (+7.2 bn) and Spain (+4.4 bn), and the largest deficits in the United Kingdom (-14.3 bn), France (-11.2 bn), Poland (-3.5 bn) and Greece (-2.3 bn).