Finland posts current account surplus of EUR 0.91 in September
Current account
The current account posted a surplus of EUR 0.91 bn in September 2008, compared with EUR 1.47 bn a year earlier. For the twelve months October 2007 – September 2008, the current account recorded a surplus of EUR 6.77 bn.
In BOP terms, there was a EUR 0.52 bn surplus on goods and a EUR 0.37 bn surplus on services in September. The income account posted a surplus of EUR 0.12 bn, and the current transfers account a deficit of EUR 0.10 bn.
Financial account, flows
Net capital outflows in September exceeded inflows by EUR 2.77 bn. There was a EUR 0.08 bn net outflow of capital in the form of direct investment, the stocks of outward and inward direct investment increasing by EUR 1.11 bn and EUR 1.03 bn respectively. Portfolio investment was inward on net, in the amount of EUR 1.30 bn: external assets decreased by EUR 0.06 bn, while liabilities increased by EUR 1.24 bn. Other investments (loans, deposits, trade credits and other items) resulted in a net capital outflow of EUR 4.01 bn.
International investment position, stock
Finland’s net international investment position at the end of September was in balance, with Finnish residents’ external assets and external liabilities both totalling EUR 396 bn. Non-financial corporations’ external liabilities shrank in September by more than EUR 21 bn as a result of a fall in the market value of listed companies.
The external liabilities of non-financial corporations, monetary financial institutions (MFIs), central government and local government exceeded their external assets. Equity items accounted for most of the 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.
At the end of September, Finland’s net international investment position excluding equity items was negative, in the amount of EUR 5.52 bn.
| Year 2007, EUR million |
August 2008, EUR million |
September 2008, EUR million |
12 month moving sum, EUR million | |
| Current account | 7,302 | 889 | 911 | 6,770 |
| Goods | 8,746 | 471 | 525 | 7,589 |
| Services | 747 | 401 | 370 | 2,099 |
| Income | -809 | 191 | 119 | -1,536 |
| Transfers | -1,383 | -173 | -102 | -1,383 |
| Capital account* | 172 | – | – | – |
| Financial account | -5,487 | 574 | -2,767 | -3,176 |
| Direct investment | 3,118 | 1,119 | -81 | -2,800 |
| Portfolio investment | -8,482 | -654 | 1,297 | -7,610 |
| Other investment | 744 | -165 | -4,009 | 9,489 |
| Reserve assets | -227 | 13 | -54 | -13 |
| Financial derivatives | -641 | 261 | 81 | -2,242 |
| Errors and omissions | -1,987 | -1,464 | 1,856 | -3,636 |
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