According to the latest available data, the EU27 external current account recorded a surplus of 13.1 billion euro in the fourth quarter of 2011, compared with a deficit of 14.5 bn in the fourth quarter of 2010. This is the first current account surplus recorded for the EU27 since the third quarter of 2002.

In the fourth quarter of 2011, compared with the fourth quarter of 2010, there was a fall in the deficit of the goods account (-17.0 bn euro compared with -31.2 bn). The surplus of the services account rose (+32.3 bn compared with +25.9 bn), as did the surplus of the income account (+17.8 bn compared with +11.2 bn). The deficit of the current transfers account remained nearly stable (-20.0 bn compared with -20.3 bn).

The surplus recorded in the services account (+32.3 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+12.0 bn), computer & information services (+8.3 bn), financial services (+7.0 bn), transportation (+6.0 bn) and construction services (+2.6 bn), only partially offset by deficits in royalties & license fees (-1.6 bn) and travel (-0.7 bn).

In the fourth quarter of 2011, the EU27 external current account recorded a surplus with the USA (+22.4 bn euro), Switzerland (+17.2 bn), Brazil (+7.5 bn), Hong Kong (+5.5 bn), India (+2.2 bn) and Canada (+2.1 bn), and a deficit with China (-29.2 bn), Russia (-13.3 bn) and Japan (-5.1 bn).

Financial Account

In the fourth quarter of 2011, the EU27 made direct investments abroad of 104.3 bn euro, compared with 35.0 bn in the same quarter of 2010, while foreign direct investors made investments in the EU27 of 58.7 bn, compared with 84.0 bn in the same quarter of 2010. Portfolio investments recorded a net inflow of 11.0 bn, compared with a net outflow of 3.3 bn in the fourth quarter of 2010.

Current account of Member States (including intra-EU flows)

As concerns the total (intra-EU plus extra-EU) current account balances of the EU27 Member States, thirteen recorded surpluses and fourteen deficits in the fourth quarter of 2011. The highest surpluses were observed in Germany (+47.7 bn euro), the Netherlands (+18.2 bn), Sweden (+5.5 bn) and Denmark (+3.6 bn), and the largest deficits in France (-10.7 bn), the United Kingdom (-8.3 bn), Spain (-7.5 bn) and Italy (-6.3 bn).