Current account posts surplus of EUR 0.70 bn in October
Current account
The current account posted a surplus of EUR 0.70 bn in October 2008, compared with EUR 0.64 bn a year earlier. For the twelve months November 2007 – October 2008, the current account recorded a surplus of EUR 5.57 bn.
In BOP terms, there was a EUR 0.87 bn surplus on goods in October, while the services account was in balance. The income account posted a surplus of EUR 0.03 bn, and the current transfers account a deficit of EUR 0.20 bn.
Financial account, flows
Capital inflows in October exceeded outflows by EUR 5.81 bn. There was a net outflow of EUR 0.23 bn in direct investment, the stocks of inward and outward direct investment decreasing by EUR 0.43 bn and EUR 0.20 bn respectively. Portfolio investment was inward on net, in the amount of EUR 1.0 bn: external assets decreased by EUR 2.05 bn, while liabilities decreased by EUR 1.05 bn. Other investments (loans, deposits, trade credits and other items) resulted in a net capital inflow of EUR 3.80 bn.
International investment position, stock
An analysis of Finland’s net international investment position at the end of October shows that Finnish residents’ external liabilities were EUR 7.0 bn more than their external assets. External assets totalled EUR 416 bn, while liabilities totalled EUR 423 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.
At the end of October, Finland’s net international investment position excluding equity items was negative, in the amount of EUR -14.79 bn.
| Year 2007, EUR million |
September 2008, EUR million |
October 2008, EUR million |
12 month moving sum, EUR million | |
| Current account | 7,302 | 637 | 696 | 5,567 |
| Goods | 8,746 | 487 | 868 | 7,449 |
| Services | 747 | 147 | -2 | 1,241 |
| Income | -809 | 105 | 31 | -1,741 |
| Transfers | -1,383 | -102 | -201 | -1,383 |
| Capital account* | 172 | – | – | – |
| Financial account | -5,487 | -2,693 | 5,810 | -406 |
| Direct investment | 3,118 | -68 | -225 | -3,717 |
| Portfolio investment | -8,482 | -1,299 | 1,000 | -8,736 |
| Other investment | 744 | -4,020 | 3,804 | 12 ,922 |
| Reserve assets | -227 | -54 | -55 | -139 |
| Financial derivatives | -641 | 149 | 1,286 | -736 |
| Errors and omissions | -1,987 | 2,056 | -6,506 | -5,190 |
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