France and Romania recorded the highest current account deficit in the EU in the first quarter

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In the first quarter of 2021, the EU’s seasonally adjusted balance of payments current account recorded a surplus of € 116.5 billion (3.4% of GDP), compared to a surplus of € 127.3 billion. euros (3.7% of GDP) in the fourth quarter. of 2020 and against a surplus of 69.8 billion euros (2.0% of GDP) in the first quarter of 2020, according to estimates published by Eurostat, the statistical office of the European Union.

In the first quarter of 2021 compared to the fourth quarter of 2020, on a seasonally adjusted basis, the surplus in the goods account decreased (+ € 99.2bn compared with + € 108.7bn), as did the surplus in the account services (+ € 33.1bn compared to + € 39.9bn).

The deficit in the primary income account became in surplus (+ € 4.7bn against – € 6.9bn), while the deficit in the secondary income account increased (- € 20.5bn against – € 14.4bn) €). The capital account deficit decreased (- € 3.8bn compared to – € 10.5bn).

Main partners

In the first quarter of 2021, on the basis of unadjusted data, the EU recorded external current account surpluses with the United Kingdom (+53.3 billion euros), the United States (+29.4 billion euros), Switzerland (+ € 21.7 billion), Brazil (+ € 5.9bn), Hong Kong (+ € 5.1bn), Canada (+ € 4.7bn) and India (+ € 1.7bn). Deficits were recorded with China (- € 26.7bn), Russia (- € 4.3bn), Japan (- € 3.4bn) and offshore financial centers (- € 3.3bn) ).

Financial account

Based on unadjusted data, EU direct investment assets increased by € 66.2 billion in the first quarter of 2021, while direct investment liabilities increased by € 12.7 billion. euros. As a result, the EU was a net direct investor to the rest of the world in the first quarter of 2021 of € 53.5 billion. Portfolio investments recorded a net outflow of € 113.9 billion and for other investments a net outflow of € 17.0 billion

Member States current account (including intra-EU flows)

Regarding the total current account balances (intra-EU and extra-EU) of the EU Member States, for which unadjusted data are available, thirteen Member States recorded surpluses, eleven deficits and two were in balance at first quarter 2021. The highest surpluses were observed in Germany (+ € 66.5bn), the Netherlands (+ € 22.6bn), Sweden (+ € 7.7bn) and Italy ( + € 7.1bn). The largest deficits were recorded for France (- € 11.0bn), Romania (- € 3.0bn), Greece (- € 2.7bn) and Spain (-2.1 € bn)

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