Current account posts EUR 0.50 bn deficit in April
Current account
The current account posted a deficit of EUR 0.50 bn in April 2008, compared with EUR 0.16 bn in the same period the previous year. For the twelve months May 2007 – April 2008, the current account recorded a surplus of EUR 7.42 bn.
In BOP terms, there was a EUR 1.29 bn surplus on goods and a EUR 0.07 bn deficit on services in April. The income account posted a deficit of EUR 1.53 bn: inward income amounted to EUR 1.54 bn, while outward income amounted to EUR 3.07 bn. Dividends on portfolio investment account for a major part of the outward income. The current transfers account posted a deficit of EUR 0.19 bn.
Financial account, flows
Capital inflows in April 2008 exceeded outflows by EUR 1.22 bn. There was a EUR 0.13 bn net inflow of capital in the form of direct investment. The stock of outward direct investment decreased by EUR 0.06 bn, while the stock of inward direct investment increased by EUR 0.07 bn. Portfolio investment was inward on net, in the amount of EUR 3.97 bn: external assets decreased by EUR 0.43 bn, while liabilities increased by EUR 3.55 bn. Other investments (loans, deposits, trade credits and other items) resulted in a net capital outflow of EUR 2.46 bn. Claims grew by EUR 14.97 bn, and liabilities by EUR 12.51 bn.
International investment position, stock
An analysis of Finland's net international investment position at the end of April shows that Finnish residents' external liabilities were EUR 23.52 bn more than their external assets. External assets totalled EUR 399 bn, while liabilities totalled EUR 422 bn.
The external liabilities of non-financial corporations, monetary financial institutions (MFIs), central government and local government exceeded their external assets. Equity-related liabilities accounted for most of the debt accumulated by non-financial corporations. In contrast, the external assets of the central bank, other financial institutions, employee pension funds and households exceeded their external liabilities.
Finland's net international investment position excluding equity items at the end of April was a positive EUR 2.22 bn.
| Year 2007, EUR million |
March 2008, EUR million |
April 2008, EUR million |
12 month moving sum, EUR million | |
| Current account | 7,287 | 483 | -496 | 7,419 |
| Goods | 8,714 | 567 | 1,287 | 8,543 |
| Services | -1,127 | -81 | -65 | -716 |
| Income | 1,084 | 158 | -1,527 | 977 |
| Transfers | -1,385 | -161 | -190 | -1,385 |
| Capital account* | 173 | – | – | – |
| Financial account | -7,795 | 35 | 1,221 | -7,583 |
| Direct investment | -107 | -2,966 | 129 | -1,276 |
| Portfolio investment | -7,765 | -604 | 3,973 | -1,540 |
| Other investment | 944 | 4,920 | -2,456 | -1,331 |
| Reserve assets | -227 | -150 | 202 | -412 |
| Financial derivatives | -641 | -1,165 | -628 | -3,025 |
| Errors and omissions | 336 | -518 | -725 | 49 |
The statistics become final more than two years after the end of the reference year.
* Capital account is not estimated monthly. The figures are published first after the yearly data are prepared.
More information
Veera Vuorinen tel. +358 10 831 2412, email firstname.surname(at)bof.fi