ADVERTISEMENT

EU's current account deficit drops annually in Q1

Food

The European Union's current account deficit decreased slightly in the Q1 of this year, compared to the same period of 2006, the EU's statistics bureau Eurostat said on Wednesday.

In the first three months of 2007, the 27-nation bloc recorded a deficit of €32.0 billion in external current account, down from €36.2 billion of deficit in the Q1 of last year. However, the figure rose sharply from the previous quarter. In the fourth quarter of 2006, the EU's current account deficit stood at €18.1 billion.

Compared with a year ago, the EU registered a slightly lower deficit in the goods account in the Q1, down from €50.6 billion to €49.5 billion, while the surplus of the services account increased from €11.2 billion to €15.2 billion. The surplus of the income account rose to €17.6 billion from €16.7 billion year-on-year as did the deficit of the current transfers account, expanding from €13.5 billion to €15.3 billion.

Financial services contributed more than half of the surplus recorded in the services account, which was €8.1 billion, followed by other business services with a surplus of €6 billion. In the Q1 of 2007, the EU external current account recorded the largest surplus with the United States, standing at €22.3 billion. (english.people.com)

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.