Current account posts surplus of EUR 0.54 bn in November
Current account
The current account posted a surplus of EUR 0.54 bn in November 2008, compared with EUR 1.31 bn a year earlier. For the twelve months December 2007 – November 2008 the current account recorded a surplus of EUR 4.79 bn.
In BOP terms, there was a EUR 0.47 bn surplus on goods and a EUR 0.03 bn surplus on services in November. The income account and the current transfers account each posted a surplus of EUR 0.02 bn.
Financial account, flows
Net capital outflows in November exceeded inflows by EUR 0.39 bn. There was a net outflow of EUR 0.17 bn in direct investment, the stocks of outward and inward direct investment increasing by EUR 0.70 bn and EUR 0.52 bn respectively. Portfolio investment was inward on net, in the amount of EUR 5.43 bn: external assets decreased by EUR 1.94 bn, while liabilities increased by EUR 3.49 bn. Other investments (loans, deposits, trade credits and other items) recorded a net capital outflow of EUR 6.40 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 18.36 bn more than their external assets. External assets totalled EUR 416 bn, while liabilities totalled EUR 434 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 November, Finland’s net international investment position excluding equity items was negative, in the amount of EUR 17.61 bn.
| Year 2007, EUR million |
October 2008, EUR million |
November 2008, EUR million |
12 month moving sum, EUR million | |
| Current account | 7,302 | 683 | 543 | 4,786 |
| Goods | 8,746 | 855 | 471 | 6,909 |
| Services | 747 | -3 | 33 | 1,186 |
| Income | -809 | 31 | 21 | -1,926 |
| Transfers | -1,383 | -201 | 17 | -1,383 |
| Capital account* | 172 | – | – | – |
| Financial account | -5,487 | 5,810 | -387 | -1,073 |
| Direct investment | 3,118 | -225 | -174 | -4,830 |
| Portfolio investment | -8,482 | 1,000 | 5,434 | -4,748 |
| Other investment | 744 | 3,804 | -6,402 | 8,722 |
| Reserve assets | -227 | -55 | -19 | -239 |
| Financial derivatives | -641 | 1,286 | 773 | 22 |
| Errors and omissions | -1,987 | -6,493 | -156 | -3,728 |
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