Current account posts surplus of EUR 1.68 bn in November

Current account

The current account posted a surplus of EUR 1.68 bn in November 2007, compared with EUR 1.39 bn in the same period the previous year. For the twelve months December 2006 – November 2007 the current account recorded a surplus of EUR 10.73 bn.

In BOP terms, there was a EUR 1.08 bn surplus on goods and a EUR 0.80 bn surplus on services in November. The income account posted a surplus of EUR 0.36 bn, and the current transfers account a surplus of EUR 0.15 bn.

Financial account, flows

Capital inflows in November exceeded outflows by EUR 0.52 bn. There was a net inflow of EUR 0.58 bn in direct investment, the stocks of outward and inward direct investment increasing by EUR 0.79 bn and EUR 1.37 bn respectively. Portfolio investment was inward on net, in the amount of EUR 2.15 bn, with external assets decreasing by EUR 1.23 bn and liabilities increasing by EUR 0.93 bn . In respect of portfolio liabilities, equity-related liabilities decreased by EUR 0.86 bn, while bond-related liabilities and liabilities relating to money market instruments increased by EUR 0.63 bn and EUR 1.15 bn respectively. Other investments (loans, deposits, trade credits and other items) resulted in a net capital outflow of EUR 2.32 bn.

International investment position, stock

An analysis of Finland’s net international investment position at the end of November shows that Finnish residents' external liabilities were EUR 49.82 bn more than their external assets. External assets totalled EUR 381 bn, while liabilities amounted to EUR 431 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 external liabilities of non-financial corporations. In contrast, the external assets of the central bank, other financial institutions, employment pension funds and households exceeded their external liabilities. Employment pension funds' external assets were down slightly on the previous month, primarily due to a reduction in equity and investment fund assets.

The net international investment position excluding equity items was a positive EUR 11.56 bn.

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