EU27 current account deficit 2.8 bn euro

According to the latest revisions, the EU27 external current account recorded a deficit of 2,8 billion euro in the fourth quarter of 2007, compared with a deficit of 13,4 bn in the fourth
quarter of 2006 and a deficit of 21,2 bn in the third quarter of 2007.

In the fourth quarter of 2007, compared with the fourth quarter of 2006, a higher deficit was recorded in the goods account (-40.7 bn euro compared with -31.0 bn), while the surplus of the
services account increased ( 21.4 bn compared with 17.7 bn). The surplus of the income account nearly doubled ( 32.8 bn compared with 16.5 bn) mainly due to the UK income account, which
recorded a significant surplus after being in deficit for several quarters. The deficit of the current transfers account remained stable (-16.3 bn compared with -16.6 bn). The surplus recorded
in the services account ( 21.4 bn euro) is mainly the result of surpluses in «other business services» ( 11.3 bn), financial services ( 8.8 bn), transportation ( 3.9 bn) and
computer & information services ( 3.5 bn), partially offset by deficits in travel (-5.1 bn) and royalties and license fees (-3.4 bn). In the fourth quarter of 2007, the EU27 external
current account recorded a surplus with the USA ( 33.6 bn euro), Switzerland ( 9.2 bn), Canada ( 4.9 bn), Hong Kong and India (both 2.2 bn), and a deficit with China (-38.6 bn), Russia (-8.7
bn) and Japan (-6.2 bn).

Preliminary annual results for 2007, compared with 2006, show a decrease in the EU27 external current account deficit (-72.4 bn euro compared with -82.9 bn), mainly due to a fall in the goods
account deficit (-153.4 bn compared with -164.2 bn) and a higher surplus in the services account ( 88.4 bn compared with 69.5 bn), which were partially offset by a deterioration in the income
account ( 49.9 bn compared with 66.9 bn) and, to a lesser extent, in the current transfers account (-57.4 bn compared with -55.1 bn). These provisional data, issued by Eurostat, the
Statistical Office of the European Communities, are subject to revision.

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