Current account posts EUR 1.09 bn surplus in February
Current account
The current account posted a surplus of EUR 1.09 bn in February 2008 compared with a surplus of EUR 0.61 bn in the same period the previous year. For the twelve-months March 2007–February 2008, the current account recorded a surplus of EUR 8.73 bn.
In BOP terms, there was a EUR 0.77 bn surplus on goods and a EUR 0.04
bn deficit on services in February. The income account posted a surplus of EUR 0.31 bn and the current transfers account a surplus of EUR 0.05 bn.
Financial account, flows
Capital outflows in February 2008 exceeded inflows by EUR 0.21 bn euro. There was a net inflow of EUR 0.27 bn in direct investment, the stocks of outward and inward direct investment increasing by EUR 0.06 bn and EUR 0.33 bn respectively. Portfolio investment was outward on net, in the amount of EUR 4.50 bn: external assets grew by EUR 1.37 bn, whereas external liabilities declined by EUR 3.13 bn. Of the decrease in liabilities, EUR 3.95 bn was attributable to money market instruments. Other investments (loans, deposits, trade credits and other items) resulted in a net capital inflow of EUR 4.31 bn.
International investment position, stock
An analysis of Finland’s net international investment position (NIIP) at the end of February shows that Finnish residents' external liabilities were EUR 37.36 bn more than their external assets. External assets totalled EUR 387 bn, while liabilities amounted to EUR 424 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 February was a positive EUR 10.23 bn.
| Year 2007, EUR million |
January 2008, EUR million |
February 2008, EUR million |
12 month moving sum, EUR million | |
| Current account | 8,221 | 574 | 1,089 | 8,733 |
| Goods | 8,662 | 478 | 769 | 9,050 |
| Services | -140 | -40 | -36 | 162 |
| Income | 1,084 | 296 | 306 | 906 |
| Transfers | -1,385 | -160 | 50 | -1,385 |
| Capital account* | 173 | – | – | – |
| Financial account | -7,644 | -1,892 | -207 | -8,684 |
| Direct investment | -107 | -557 | 274 | -3,508 |
| Portfolio investment | -7,790 | -1,374 | -4,502 | -8,000 |
| Other investment | 959 | 526 | 4,307 | 4,829 |
| Reserve assets | -227 | 29 | -72 | -308 |
| Financial derivatives | -479 | -515 | -214 | -1,695 |
| Errors and omissions | -750 | 1,318 | -882 | -194 |
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
Jaakko Suni tel. +358 10 831 2454, email firstname.surname(at)bof.fi