Current account posts EUR 0.59 bn surplus in January
Current account
The current account posted a surplus of EUR 0.59 bn in January 2008 compared with a surplus of EUR 0.54 in the same period the previous year. For the twelve-months February 2007–January 2008, the current account recorded a surplus of EUR 8.27 bn.
In BOP terms, there was a EUR 0.49 bn surplus on goods and a EUR 0.04
bn deficit on services in January. The income account posted a surplus of EUR 0.30 bn and the current transfers account a deficit of EUR 0.16 bn.
Financial account, flows
Capital outflows in January exceeded inflows by EUR 1.82 bn. There was a net outflow of EUR 0.54 bn in direct investment, the stocks of outward and inward direct investment increasing by EUR 1.28 bn and EUR 0.73 bn respectively. Portfolio investment was outward on net, in the amount of EUR 1.37 bn: External assets decreased by EUR 0.67 bn, and liabilities by EUR 2.04 bn. Of the portfolio liabilities, EUR 1.53 bn was attributable to money market instruments. Other investments (loans, deposits, trade credits and other items) resulted in a net capital inflow of EUR 0.53 bn.
International investment position, stock
An analysis of Finland’s net international investment position (NIIP) at the end of January shows that Finnish residents' external liabilities were EUR 40.90 bn more than their external assets. External assets totalled EUR 381 bn, while liabilities amounted to EUR 421 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, employment pension funds and households exceeded their external liabilities.
Finland's net international investment position excluding equity items at the end of January was a positive EUR 12.46 bn.
| Year 2007, EUR million |
December 2007, EUR million |
January 2008, EUR million |
12 month moving sum, EUR million | |
| Current account | 8,221 | 615 | 589 | 8,271 |
| Goods | 8,662 | 335 | 492 | 8,708 |
| Services | -140 | 120 | -39 | 10 |
| Income | 1,084 | 275 | 296 | 938 |
| Transfers | -1,385 | -115 | -160 | -1,385 |
| Capital account* | 173 | 14 | – | – |
| Financial account | -7,644 | -1,521 | -1,824 | -7,913 |
| Direct investment | -107 | 934 | -544 | 313 |
| Portfolio investment | -7,790 | -1,791 | -1,374 | -4,161 |
| Other investment | 959 | -225 | 526 | -2,678 |
| Reserve assets | -227 | -149 | 29 | -239 |
| Financial derivatives | -479 | -290 | -460 | -1,148 |
| Errors and omissions | -750 | 891 | 1,234 | -517 |
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