Finland posts current account surplus of EUR 0.83 in August
Current account
The current account posted a surplus of EUR 0.83 bn in August 2008, compared with EUR 1.11 bn in the same period the previous year. For the twelve months September 2007 – August 2008, the current account recorded a surplus of EUR 7.27 bn.
In BOP terms, there was a EUR 0.41 bn surplus on goods and a EUR 0.40 bn surplus on services in August. The income account posted a surplus of EUR 0.19 bn, and the current transfers account a deficit of EUR 0.17 bn.
Financial account, flows
Net capital inflows in August exceeded outflows by EUR 0.82 bn. There was a net inflow of EUR 1.37 bn in direct investment, the stocks of outward direct investment decreasing by EUR 0.96 bn and inward direct investment increasing by EUR 0.40 bn. Portfolio investment was outward on net, in the amount of EUR 0.65 bn: external assets increased by EUR 1.25 bn, while liabilities decreased by EUR 0.59 bn. Other investments (loans, deposits, trade credits and other items) resulted in a net capital outflow of EUR 0.17 bn.
International investment position, stock
An analysis of Finland's net international investment position at the end of August shows that Finnish residents' external liabilities were EUR 19.13 bn more than their external assets. External assets totalled EUR 392 bn, while liabilities totalled EUR 412 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.
Finland's net international investment position excluding equity items at the end of August was negative, in the amount of EUR 6.59 bn.
| Year 2007, EUR million |
July 2008, EUR million |
August 2008, EUR million |
12 month moving sum, EUR million | |
| Current account | 7,302 | 756 | 826 | 7,266 |
| Goods | 8,746 | 316 | 409 | 7,954 |
| Services | 747 | 373 | 399 | 2,124 |
| Income | -809 | 171 | 191 | -1,429 |
| Transfers | -1,383 | -104 | -173 | -1,383 |
| Capital account* | 172 | – | – | – |
| Financial account | -5,487 | -2,524 | 821 | -360 |
| Direct investment | 3,118 | -5,331 | 1,365 | -2,615 |
| Portfolio investment | -8,482 | -5,550 | -654 | -11,185 |
| Other investment | 744 | 8,256 | -165 | 15,524 |
| Reserve assets | -227 | 23 | 13 | -22 |
| Financial derivatives | -641 | 78 | 261 | -2,063 |
| Errors and omissions | -1,987 | 1,768 | -1,647 | -6,963 |
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
Veera Vuorinen tel. +358 10 831 2412, email firstname.surname(at)bof.fi