Statistics 15 January 2010 12:00 AM

Current account posts slight surplus in November 2009

Current account

 

The current account posted a surplus of EUR 0.3 billion in November 2009, compared with EUR 0.8 billion a year earlier. The current account surplus accrued since the beginning of the year (January – November) amounted to EUR 2.3 billion, whereas there had been a surplus of EUR 5.1 billion in the same period in 2008.

In BOP terms, there was a EUR 275 million surplus on goods in November. Both exports and imports declined by about a fifth from November 2008. The services account posted a surplus of EUR 149 million, and the current transfers account a surplus of EUR 7 million. The income account was in deficit by EUR 139 million.

 Trade and current account

Financial account and international investment position

Capital inflows in November exceeded outflows by EUR 0.9 billion in net terms. There was a net capital inflow of EUR 2.0 billion in portfolio investment, whereas direct investment recorded a capital outflow of EUR 0.8 billion and other investments (loans, deposits and trade credits) an outflow of EUR 0.1 billion. There was also a net capital outflow of EUR 0.2 billion from derivatives contracts.

 Portfolio investment

At the end of November, Finnish residents’ foreign liabilities exceeded their foreign assets by EUR 9 billion. Gross assets amounted to EUR 439 billion, and gross liabilities to EUR 448 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 November, Finnish residents’ securities-based liabilities exceeded their securities-based assets by EUR 39 billion. Other liabilities (loans, deposits and trade credits) also exceeded assets, in the amount of EUR 7 billion. In contrast, direct investment assets exceeded liabilities by EUR 28 billion.

Excluding equity items, Finnish residents’ foreign liabilities exceeded their foreign assets by EUR 37 billion.

 Net international investment position

 

Finland's balance of payments

Year 2008,
EUR million

 October 2009,
EUR million		 November 2009,
EUR million		 12 month moving sum, EUR million
Current account 5,566 1,612 292 2,781
    Goods 5,862 1,503 275 3,786
    Services 1,840 153 149 1,384
    Income -550 164 -139 -877
    Transfers -1,585 -208 7 -1,512
Capital account* 167 – – –
Financial account 6,242 5,990 911 22,963
    Direct investment -7,179 -11 -777 1,646
    Portfolio investment** 4,629 4,769 2,041 14,931
    Other investment 7,408 840 -88 3,670
    Reserve assets -192 106 -78 -359
    Financial derivatives 1,576 286 -187 3,076
Errors and omissions -11,975 -7,601 -1,203 -25,758

 

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
Anne Turkkila tel. +358 10 831 2175, email firstname.surname(at)bof.fi