Menu
Economy

Cyprus registered current account surplus of €0.1 bn and trade in services surplus of €1.4bn in Q3 2018

January 14, 2019 at 4:52pm

Cyprus registered a current account  surplus of €0.1 bn in Q3 2018 and trade in services surplus of €1.4bn on the same quarter, according to estimates released by Eurostat, the statistical office of the European Union.

Meanwhile the EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €38.7 billion (1.0% of GDP) in the third quarter of 2018, down from a surplus of €59.9 billion (1.5% of GDP) in the second quarter of 2018 and from a surplus of €60.4 billion (1.6% of GDP) in the third quarter of 2017.

In the third quarter of 2018 compared with the second quarter of 2018, based on seasonally adjusted data, the surplus of the goods account decreased (+€10.2 bn compared to +€24.4 bn), as did the surplus of the services account (+€49.3 bn compared to +€51.0 bn) and the surplus in the primary income account (+€0.4 bn compared to +€5.2 bn). The deficit of the secondary income account increased (-€21.2 bn compared to -€20.8 bn), as did the deficit of the capital account (-€3.4 bn compared to -€3.2 bn).

In the third quarter of 2018, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+€56.9 bn), Switzerland (+€20.8 bn), Canada (+€8.9 bn), Hong Kong (+€7.3 bn), Brazil (+€6.3 bn) and India (+€1.1 bn). Deficits were registered with China (-€29.6 bn), Russia (-€12.6 bn), Japan (-€1.8 bn) and offshore financial centres (-€0.4 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU28 grew in the third quarter of 2018 by €68.6 bn, while direct investment liabilities increased by €21.7 bn. As a result, the EU28 was a net direct investor in the third quarter of 2018 by €46.9 bn. Portfolio investment recorded a net inflow of €12.0 bn, and for other investment there was a net outflow of €18.1 bn.

As concerns the total (intra-EU plus extra-EU) current account balances of the EU28 Member States, based on available non-seasonally adjusted data, eighteen recorded surpluses and ten deficits in the third quarter of 2018. The highest surpluses were observed in Germany (+€51.7 bn), the Netherlands (+€20.5 bn), Italy (+€15.1 bn), Ireland (+€9.1 bn) and Denmark (+€5.9), and the largest deficits in the United Kingdom (-€35.4 bn), Romania (-€3.2 bn), France and Poland (both -€2.5 bn).

(Cyprus News Agency)