6/6/14

First estimate for the first quarter of 2014 EU28 current account surplus 32.2 bn euro 48.5 bn euro surplus on trade in services

- STAT/14/87
- 6 June 2014
First estimate for the first quarter of 2014
EU28 current account surplus 32.2 bn euro
48.5 bn euro surplus on trade in services


The EU281 seasonally adjusted external current account2 recorded a surplus of 32.2 billion euro (1.0% of GDP) in the first quarter of 2014, compared with a surplus of 36.3 bn (1.1% of GDP) in the fourth quarter of 2013 and with a surplus of 34.9 bn (1.1% of GDP) in the first quarter of 2013, according to first estimates3 from Eurostat, the statistical office of the European Union.
In the first quarter of 2014, compared with the fourth quarter of 2013, based on seasonally adjusted data, the surplus of the goods account fell (+3.3 bn euro compared with +7.3 bn), as did the surplus of the income account (+1.0 bn compared with +4.4 bn), while the surplus of the services account grew (+48.5 bn compared with +44.4 bn). The deficit of the current transfers account slightly increased (-20.5 bn compared with -19.7 bn).
These data are subject to revision.
Balance of payments euro-indicators for the EU28, seasonally adjusted
(in bn euro)

Q1/2013

Q2/2013

Q3/2013

Q4/2013

Q1/2014
EU28 current account balance
34.9
50.3
33.2
36.3
32.2
Balance of trade in goods
3.6
9.7
0.1
7.3
3.3
Balance of trade in services
42.7
41.4
44.4
44.4
48.5
Balance of income
7.0
18.0
7.4
4.4
1.0
Balance of current transfers
-18.4
-18.9
-18.7
-19.7
-20.5
EU28 current account balance as % of GDP
1.1%
1.5%
1.0%
1.1%
1.0%
Source: Eurostat
Balance of payments euro-indicators for the euro area4 (EA18), seasonally adjusted
(in bn euro)

Q1/2013

Q2/2013

Q3/2013

Q4/2013

Q1/2014
Euro area current account balance
52.2
61.8
49.9
66.3
66.0
Balance of trade in goods
38.8
45.5
37.6
46.2
45.0
Balance of trade in services
24.9
27.1
29.5
31.2
31.6
Balance of income
18.7
20.4
13.4
16.9
17.8
Balance of current transfers
-30.2
-31.2
-30.6
-28.0
-28.4
Euro area current account balance as % of GDP
2.2%
2.6%
2.1%
2.7%
2.7%
Source: European Central Bank
Balance of payments euro-indicators for the euro area (EA18)-monthly data5, seasonally adjusted
(in bn euro)

Mar
13

Apr
13

May
13

Jun
13

Jul
13

Aug
13

Sep
13

Oct
13

Nov
13

Dec
13

Jan
14

Feb
14

Mar
14
Euro area current account balance
22.7
17.6
23.3
20.9
15.3
16.5
18.1
21.2
23.6
21.5
25.4
21.8
18.8
Balance of trade in goods
17.3
16.1
16.9
12.4
10.3
13.9
13.4
14.8
16.5
14.9
15.7
15.5
13.8
Balance of trade in services
9.1
9.0
8.3
9.8
10.7
8.1
10.7
10.3
10.8
10.2
11.5
11.6
8.5
Balance of income
6.1
2.8
8.4
9.3
4.9
4.7
3.8
5.1
5.3
6.5
7.3
4.8
5.8
Balance of current transfers
-9.9
-10.3
-10.4
-10.6
-10.6
-10.2
-9.8
-9.0
-9.0
-10.1
-9.1
-10.0
-9.3
Source: European Central Bank




  1. The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
The euro area (EA18) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
  1. The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and services, income and current transfers. Further details of the statistical concepts and definitions used can be found on the Eurostat website at: http://epp.eurostat.ec.europa.eu/cache/ITY_SDDS/en/bop_q_esms.htm
  2. The EU balance of payments euro-indicators (first estimates for the reference quarter) are based on figures provided by the Member States to Eurostat two months after the reference quarter, and should be considered as provisional. This News Release corresponds to these first estimates. Eurostat then produces a second release once the quarterly data are transmitted to Eurostat, on a more detailed basis, three months after the reference quarter. Figures may also be subject to revision when data for later quarters are transmitted by the Member States. The second release for the first quarter of 2014 will be issued on 18 July 2014.
  3. In line with the agreed allocation of responsibility, the European Central Bank (ECB) (www.ecb.int, section statistics/statistical press releases) is in charge of compiling and disseminating monthly and quarterly balance of payments statistics for the euro area, whereas the European Commission (Eurostat) focuses on quarterly and annual aggregates of the EU. The aggregates for the euro area and the EU are compiled consistently on the basis of Member States' transactions with residents of countries outside the euro area and the European Union respectively.
  4. Monthly data may not add up to quarterly data due to rounding.








Issued by: Eurostat Press Office

Tim ALLEN
Tel: +352-4301-33 444

For further information on data:

Olaf NOWAK
Tel: +352-4301-38 590

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