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RCB CEO Re-Elected as Head of the Association of International Banks in Cyprus

Anastasiades Defends Cyprus Investment Programme in European Parliament

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ECONOMY

The EU28 Current Account Surplus of €69.4 Billion in Q3 2017

The EU28 Current Account Surplus of €69.4 Billion in Q3 2017

The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €69.4 billion (1.8% of GDP) in the third quarter of 2017, up from a surplus of €47.5 billion (1.2% of GDP) in the second quarter of 2017 and from a surplus of €44.8 billion (1.2% of GDP) in the third quarter of 2016, according to estimates released by Eurostat, the statistical office of the European Union.

In the third quarter of 2017 compared with the second quarter of 2017, based on seasonally adjusted data, the surplus of the goods account increased (+€43.1 bn compared to +€34.1 bn), as did the surplus of the services account (+€46.5 bn compared to +€40.1 bn). The deficit of the primary income account turned into a surplus (+€2.0 bn compared to -€2.6 bn). The deficit of the secondary income account decreased (-€22.1 bn compared to -€24.2 bn), as did the deficit of the capital account (-€6.4 bn compared to -€13.4 bn).

According to data presented today by Eurostat, in Cyprus the current account balance of trade in services stood positive at 0.3 billion euro for the 3rd quarter compared to the 2nd quarter of 2017 and at 1.5 billion compared to the 3rd quarter of 2016.

In the third quarter of 2017, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+€46.3 bn), Switzerland (+€18.2 bn), Brazil (+€8.3 bn), Canada (+€6.6 bn), Hong Kong (+€6.0 bn) and offshore financial centres (+€2.8 bn). Deficits were registered with China (-€28.6 bn), Japan (-€2.8 bn) and Russia (-€1.5 bn), while there was a balance with India.

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