BRUSSELS: In the second quarter of 2024, the EU seasonally adjusted current account of the balance of payments recorded a surplus of pound 130.4 billion (+2.9 percent of GDP), compared with a surplus of pound 132.4 billion (+3.0 percent of GDP) in the first quarter of 2024 and a surplus of pound 78.1 billion (+1.8 percent of GDP) in the second quarter of 2023, according to estimates released by Eurostat, the statistical office of the European Union.

In the second quarter of 2024, based on non-seasonally adjusted data, the EU recorded current account surpluses with the United Kingdom (+pound 67.6 bn), offshore financial centres (+pound 38.3 bn), Switzerland (+pound 27.5 bn), Hong Kong (+pound 11.0 bn), Canada (+pound 10.1 bn), Brazil (+pound 8.7 bn), the USA (+pound 8.6 bn), Japan (+pound 2.7 bn) and Russia (+pound 1.4 bn). Deficits were registered with China (-pound 27.7 bn) and India (-pound 3.3 bn).

Based on non-seasonally adjusted data, in the second quarter of 2024, direct investment assets of the EU de
creased by pound 85.0 bn and direct investment liabilities decreased by pound 163.7 bn.

As a result, the EU was a net direct investor to the rest of the world with net outflows of pound 78.7 bn. At the same time, portfolio investment recorded a net inflow of pound 91.6 bn, while other investment recorded a net outflow of pound 137.0 bn.

Fifteen Member States recorded surpluses, eleven recorded deficits and one Member State had its current account in balance in the second quarter of 2024. The highest surpluses were observed in Germany (+pound 62.3 bn), Ireland (+pound 35.5 bn), the Netherlands (+pound 24.3 bn), Denmark (+pound 13.7 bn), Sweden (+pound 13.4 bn), Spain (+pound 13.0 bn) and Italy (+pound 8.5 bn). The largest deficits were recorded for Romania (-pound 7.7 bn), France (-pound 6.1 bn) and Greece (-pound 4.5 bn).

Source: Emirates News Agency