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EU27 current account deficit 38.8bn euro

According to the latest available data, the EU27 external current account recorded a deficit of 38.8 billion euro in the first quarter of 2011, compared with a deficit of 27.7bn in the first quarter of 2010 and a deficit of 20.4bn in the fourth quarter of 2010.

In the first quarter of 2011, compared with the first quarter of 2010, there was an increase in the deficit of the goods account (-46.5bn euro compared with -32.6bn) and of the current transfers account (-19.2bn compared with -16.6bn). The surplus of the services account rose (+16.9bn compared with +11.5bn), while the surplus of the income account remained stable (+9.9bn compared with +10bn).

The surplus recorded in the services account (+16.9bn euro) is mainly the result of surpluses in “other business services”, which includes miscellaneous business, professional and technical services (+7.1bn), financial services (+6.7bn), computer & information services (+5.8bn), transportation (+3.1bn), insurance services (+2.5bn) and construction services (+1.8bn), partially offset by deficits in travel (-3.2bn) and royalties & license fees (-2.4bn).

In the first quarter of 2011, the EU27 external current account recorded a surplus with the USA (+14bn), Switzerland (+11.6bn euro), Hong Kong (+5.5bn), Brazil (+3.6bn), Canada (+2.7bn) and India (+1bn), and a deficit with China (-32.9bn), Russia (-18.9bn) and Japan (-8.1bn).

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