Current account posts slight deficit in September
Current account
The current account posted a deficit of EUR 0.04 bn in September 2009, compared with a surplus of EUR 0.67 bn in September 2008. For the 12 months October 2008 – September 2009 there was a current account surplus of EUR 1.6 billion, compared with EUR 6.0 billion for the 12 months to September 2008. In BOP terms, there was a EUR 0.1 billion deficit on goods in September. Both imports and exports were down by more than a third from September 2008. The services account posted a surplus of EUR 0.02 billion, and the income account a surplus of EUR 0.15 billion. The current transfers account posted a deficit of EUR 0.12 billion. |
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Financial account and international investment position Capital outflows in September exceeded inflows by EUR 0.6 billion. In the first three quarters of the year (January – September) there was a net capital inflow of EUR 14.6 billion. In September, there was a net inflow of EUR 0.9 billion in portfolio investment and EUR 1.0 billion in direct investment. Other investments (loans, deposits and trade credits) recorded a net capital outflow of EUR 3.4 billion. There was a net capital inflow of EUR 0.7 billion from derivatives trading. |
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At the end of September, Finnish residents’ foreign liabilities exceeded their foreign assets by EUR 6.8 billion. Gross assets amounted to EUR 429 billion, and gross liabilities to EUR 436 billion. The external liabilities of non-financial corporations, monetary financial institutions (MFIs), central government and local government exceeded their external assets. In contrast, the external assets of other financial institutions, employment pension funds and households exceeded their external liabilities. At the end of September, Finnish residents’ securities-based liabilities exceeded their securities-based assets by EUR 38 billion. Other liabilities (loans, deposits and trade credits) also exceeded assets, in the amount of EUR 4.6 billion. In contrast, direct investment assets exceeded liabilities by EUR 26.8 billion. At the end of September, Finnish residents’ foreign liabilities exceeded their foreign assets and Finland’s net international investment position (gross assets minus gross liabilities) excluding equity items was negative, in the amount of EUR 30 billion. |
Year 2008, |
August 2009, EUR million |
September 2009, EUR million |
12 month moving sum, EUR million | |
Current account | 5,566 | -84 | -44 | 1,623 |
Goods | 5,862 | 12 | -95 | 3,286 |
Services | 1,840 | 52 | 19 | 570 |
Income | -550 | 38 | 148 | -647 |
Transfers | -1,585 | -186 | -115 | -1,585 |
Capital account* | 167 | – | – | – |
Financial account | 6,242 | 684 | -640 | 24,425 |
Direct investment | -7,179 | 116 | 955 | 1,707 |
Portfolio investment** | 4,629 | 459 | 939 | 16,267 |
Other investment | 7,408 | 354 | -3,357 | 1,857 |
Reserve assets | -192 | 205 | 105 | -462 |
Financial derivatives | 1,576 | -450 | 718 | 5,055 |
Errors and omissions | -11,975 | -600 | 684 | -26,090 |
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.
** Beginning with the data on the stock of portfolio investment in December 2008, the statistics on portfolio investment are based on security-by-security data collection. Because of the change in statistical methodology, the figures from January onwards are not entirely comparable with earlier periods.
More information
Jaakko Suni tel. +358 10 831 2454, email firstname.surname(at)bof.fi