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Current Account
The current account is the widest measure of a country's financial performance on an international basis because it includes investment flows as well as trade in goods and services.

Main Indicator: Current Account

Most Recent Release

July
24th, 2008
Actual Forecast Previous Revised Form
-7.3B -0.5B 1.5B -0.3B

For May (s.a.)
Provided by: European Central Bank
Official Release: Press Release

Current Account (n.s.a.): -21.4B, pr. -9.2B (Apr), -5.7B (Mar), 8.1B (Feb)

From the Release: "The working day and seasonally adjusted current account of the euro area recorded a deficit of EUR 7.3 billion in May 2008 (corresponding to a deficit of EUR 21.4 billion in non-adjusted terms). This reflected deficits in current transfers (EUR 5.9 billion) and goods (EUR 3.3 billion), which were partly offset by a surplus in services (EUR 2.7 billion). The income account was close to balance."

Table of Past Data

10/2411/2212/211/292/213/264/245/286/277/24
Actual3.8B0.6B1.3B€0.7B-10.3B-10.6B4.3B-15.3B-0.3B-7.3B
Forecast2.0B4.0B1.6B0.2B-0.5B
Previous1.7B3.8B1.9B€3.1B2.3B-3.5B-7.9B7.5B-13.2B1.5B
Revised FromN/AN/A0.6B€1.3B0.7B-10.3BN/A4.3B-15.3B-0.3B

Past Releases

June
27th, 2008
Actual Forecast Previous Revised Form
-0.3B -13.2B -15.3B

For April (s.a.)
Provided by: European Central Bank
Official Release: Press Release

Current Account (n.s.a.): -9.2B, pr. -5.7B (rev from -7.8B Mar), 8.1B (Feb)

From the release:

The working day and seasonally adjusted current account of the euro area was close to balance in April 2008 (corresponding to a deficit of EUR 9.2 billion in non-adjusted terms). This reflected deficits in current transfers (EUR 7.4 billion) and income (EUR 2.1 billion), which were offset by surpluses in goods (EUR 5.9 billion) and services (EUR 3.3 billion).
May
28th, 2008
Actual Forecast Previous Revised Form
-15.3B 7.5B 4.3B

For March (s.a.)
Provided by: European Central Bank
Official Release: Press Release

Current Account (n.s.a.): -7.8B, pr. 8.1B (rev from 5.0B)

The Euro-zone current account showed a rather large deficit as the strehgth of the Euro weighed on goods exports. Trade in goods showed a deficit of 3.9 billion, while current transfers and income were also negative. The surplus in services shrank to 3.6 bilion from 6 billion in February.

From the Release: "The working day and seasonally adjusted current account of the euro area recorded a deficit of EUR 15.3 billion in March 2008 (corresponding to a deficit of EUR 7.8 billion in non-adjusted terms). This reflected deficits in current transfers (EUR 10.8 billion), income (EUR 4.2 billion) and goods (EUR 3.9 billion), which were only partly compensated for by a surplus in services (EUR 3.6 billion)."

April
24th, 2008
Actual Forecast Previous Revised Form
4.3B -7.9B N/A

For February (s.a.)
Provided by: European Central Bank
Official Release: Press Release

Current Account (n.s.a.): 5.0B, pr. -17.9B

From the Release: "The working day and seasonally adjusted current account of the euro area recorded a surplus of EUR 4.3 billion in February 2008 (corresponding to a surplus of EUR 5.0 billion in non-seasonally adjusted terms). This reflected surpluses in goods (EUR 3.1 billion) and services (EUR 5.1 billion), which were partly compensated for by a deficit in current transfers (EUR 4.3 billion). The income account was close to balance.

The 12-month cumulated, working day-adjusted current account up to February 2008 recorded a surplus of EUR 17.8 billion (about 0.2% of euro area GDP), compared with a deficit of EUR 1.1 billion a year earlier. This change resulted mainly from increases in the surpluses in goods (from EUR 24.9 billion to EUR 52.7 billion) and services (from EUR 42.6 billion to EUR 53.2 billion), which were only partly offset by a shift in the income account from a surplus (EUR 10.1 billion) to a deficit (EUR 1.1 billion) and an increase in the deficit on current transfers (from EUR 78.7 billion to EUR 87.1 billion)."

March
26th, 2008
Actual Forecast Previous Revised Form
-10.6B -3.5B -10.3B

For January (s.a.)
Provided by European Central Bank

Current Account (n.s.a.): -€19.1B, pr. €4.3B (rev. up from €1.9B)

February
21st, 2008
Actual Forecast Previous Revised Form
-10.3B 0.2B 2.3B 0.7B

For December (s.a.)
Provided by European Central Bank

Current Account (n.s.a.): €1.9B, pr. €2.7B (rev. up from €1.0B) 

"In December 2007 the working day and seasonally adjusted current account of the euro area showed a deficit of EUR 10.3 billion. In the financial account, combined direct and portfolio investment showed net outflows of EUR 19 billion.

In 2007 as a whole, the working day-adjusted surplus on the euro area current account amounted to EUR 15.0 billion (about 0.2% of GDP), compared with a deficit of EUR 13.6 billion in 2006. Combined direct and portfolio investment recorded net inflows of EUR 124 billion in 2007, down from EUR 140 billion in 2006, mainly as a result of lower net purchases of euro area bonds and notes by residents outside the euro area."

January
29th, 2008
Actual Forecast Previous Revised Form
€0.7B €3.1B €1.3B

For November (seasonally adjusted)
Provided by European Central Bank

Unadjusted Current Account: 1.0B, pr. 2.2B (Sept-r)

The current account "reflected surpluses in goods (€4.8 billion), services (€3.2 billion) and income (€0.2 billion), which were offset almost in full by a deficit in current transfers (€7.5 billion)."

Over the last 12 months, the s.a. current account recorded a suplus of €25.5 billion (about 0.3% of euro area GDP).  

December
21st, 2007
Actual Forecast Previous Revised Form
1.3B 1.6B 1.9B 0.6B
For October.
November
22nd, 2007
Actual Forecast Previous Revised Form
0.6B 4.0B 3.8B N/A
Seasonally Adjusted for September.
Provided by Eurostat.

Unadjusted Current Account: 4.4B, forecast 0.0B, pr. 1.5B, rev. from 0.7B (Aug)
October
24th, 2007
Actual Forecast Previous Revised Form
3.8B 2.0B 1.7B N/A
For August.

Unadjusted Current Account: 0.7B, pr. 4.8B (rev. from 3.3B)

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