In the second quarter of 2023, the EU seasonally adjusted current account of the balance of payments recorded a surplus of €73.0 billion (+1.7% of GDP), compared with a surplus of €60.6 billion (+1.5% of GDP) in the first quarter of 2023 and a deficit of €32.6 billion (-0.8% of GDP) in the second quarter of 2022, according to estimates released by Eurostat, the statistical office of the European Union.
Current and Capital accounts
In the second quarter of 2023 compared with the first quarter of 2023, based on seasonally adjusted data, the surplus of the goods account increased (+€52.7 bn compared to +€41.4 bn), while the surplus of the services account decreased (+€33.7 bn compared to +€39.9 bn). The surplus of the primary income account increased (+€6.9 bn compared to +€1.9 bn) and the deficit of the secondary income account decreased (-€20.3 bn compared to -€22.6 bn). During the same period, the deficit of the capital account decreased (-€6.8 bn compared to -€9.7 bn).
Main partners
In the second quarter of 2023, based on non-seasonally adjusted data, the EU recorded current account surpluses with the United Kingdom (+€61.0 bn), Switzerland (+€27.5 bn), offshore financial centres (+€13.3 bn), the USA (+€10.7 bn), Canada (+€9.6 bn), Hong Kong (+€8.2 bn), Brazil (+€6.7 bn), Russia (+€2.9 bn) and Japan (+€1.2 bn). Deficits were registered with China (€41.5 bn) and India (-€3.0 bn).
Financial account
Based on non-seasonally adjusted data, direct investment assets of the EU decreased in the second quarter of 2023 by €96.5 bn and direct investment liabilities decreased by €130.4 bn. As a result, the EU was a net direct investor to the rest of the world by €33.9 bn. At the same time, portfolio investment recorded a net outflow of €35.2 bn, while other investment recorded a net inflow of €1.3 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, thirteen Member States recorded surpluses, thirteen recorded deficits and one had its current account in balance in the second quarter of 2023. The highest surpluses were observed in Germany (+€58.9 bn), the Netherlands (+€23.2 bn), Ireland (+€15.8 bn), Denmark (+€11.0 bn), Spain (+€8.9 bn) and Sweden (+€6.0 bn). The largest deficits were recorded for France (-€8.9 bn), Romania (-€5.1 bn), Greece (-€4.2 bn), Finland (-€3.3 bn), Belgium and Italy (both -€2.0 bn).
