In the second quarter of 2022, the EU seasonally adjusted current account of the balance of payments recorded a deficit of €37.4 billion (-1.0% of GDP), down from a surplus of €8.8 billion (0.2% of GDP) in the first quarter of 2022 and down from a surplus of €104.8 billion (2.9% of GDP) in the second quarter of 2021, according to estimates released by Eurostat, the statistical office of the European Union.
Current and Capital accounts
In the second quarter of 2022 compared with the first quarter of 2022, based on seasonally adjusted data, the deficit of the goods account increased (-€62.4 bn compared to -€21.7 bn). Decreases were observed in the surpluses of the services account (+€43.4 bn compared to +€45.6 bn) and of the primary income account (+€0.5 bn compared to +€3.9 bn), as well as in the deficit of the secondary income account (-€18.9 bn compared to -€19.1 bn). During the same period, the deficit of the capital account turned into a surplus (+€112.1 bn compared to -€1.6 bn).
In the second quarter of 2022, based on non-seasonally adjusted data, the EU recorded external current account surpluses with the United Kingdom (+€43.6 bn), Switzerland (+€20.5 bn), offshore financial centres (+€7.6 bn), Canada (+€7.4 bn), Hong Kong (+€6.3 bn), Brazil (+€5.1 bn), the USA (+€3.9 bn) and Japan (+€0.6 bn). Deficits were registered with China (-€50.8 bn), Russia (-€33.4 bn) and India (-€3.7 bn).
Based on non-seasonally adjusted data, direct investment assets of the EU increased in the second quarter of 2022 by €44.2 bn, while direct investment liabilities decreased by €34.5 bn. As a result, the EU was a net direct investor to the rest of the world in the second quarter of 2022 by €78.7 bn. Portfolio investment recorded a net inflow of €59.3 bn and for other investment there was a net inflow of €90.9 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, based on available non-seasonally adjusted data, eight Member States recorded surpluses, eighteen recorded deficits and one country had the current account in balance in the second quarter of 2022. The highest surpluses were observed in Germany (+€22.9 bn), Ireland (+€15.8 bn), Denmark (+€12.9 bn), the Netherlands (+€7.5 bn), Sweden (+€3.4 bn) and Spain (+€3.3 bn). The largest deficits were recorded for France (-€15.6 bn), Romania (-€11.0 bn), Belgium (-€8.4 bn) and Finland (-€6.2 bn).
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