Current account posts EUR 1.06 bn surplus in October
Current account
The current account posted a surplus of EUR 1.06 bn in October 2007, compared with EUR 0.83 bn in the same period the previous year. For the twelve-months November 2006–October 2007, the current account recorded a surplus of EUR 10.52 bn.
In BOP terms, there was a EUR 0.78 bn surplus on goods and a EUR 0.07 bn surplus on services in October. The income account posted a surplus of EUR 0.36 bn, and the current transfers account a deficit of EUR 0.15 bn.
Financial account, flows
Capital inflows in October exceeded outflows by EUR 2.01 bn. There was a EUR 0.31 bn net inflow in direct investment, the stocks of outward and inward direct investment increasing by EUR 0.19 bn and EUR 0.50 bn respectively. Portfolio investment was inward on net, in the amount of EUR 1.45 bn, with external assets and liabilities increasing by EUR 1.76 bn and EUR 3.21 bn respectively. EUR 2.99 bn of the portfolio liabilities was attributable to money market instruments. Other investments (loans, deposits, trade credits and other items) resulted in a net capital inflow of EUR 0.29 bn.
International investment position, stock
Finland’s net international investment position (NIIP) at the end of October 2007 was a negative EUR 54.62 bn. A sectoral analysis show that the external liabilities of non-financial corporations, monetary financial institutions (MFIs), central government and local government exceeded assets. Equity-related liabilities accounted for most of the debt accumulated by non-financial corporations. By contrast, the external assets of the central bank, other financial institutions, employment pension funds and households exceeded liabilities. At the end of October, external assets amounted to EUR 378 bn and external liabilities to EUR 433 bn.
However, the net international investment position excluding equity items was positive, in the amount of EUR 11.97 bn.
| Year 2006, EUR million |
September 2007, EUR million |
October 2007, EUR million |
12 month moving sum, EUR million | |
| Current account | 8,649 | 1,616 | 1,057 | 10,525 |
| Goods | 8,871 | 1,004 | 783 | 9,546 |
| Services | 408 | 315 | 67 | 1,293 |
| Income | 702 | 418 | 355 | 1,017 |
| Transfers | -1,331 | -121 | -149 | -1,331 |
| Capital account1 | 178 | – | – | – |
| Financial account | -9,072 | -591 | 2,005 | -8,463 |
| Direct investment | 2,880 | -384 | 307 | -76 |
| Portfolio investment | -13,441 | -2,246 | 1,448 | -7,503 |
| Other investment | -2,283 | 1,894 | 294 | -1 |
| Reserve assets | 3,611 | -62 | 70 | -138 |
| Financial derivatives | 161 | 206 | -114 | -745 |
| Errors and omissions | 245 | -1,025 | -3,062 | -2,092 |
The statistics become final more than two years after the end of the reference year.
1. Capital account is not estimated monthly. The figures are published first after the yearly data are prepared.
More information
Jaakko Suni tel. +358 10 831 2454, email firstname.surname@bof.fi