BANK OF FINLAND
Monthly news
15 Nov 2012

Balance of payments, September 2012

Current account

In September, there was a current account surplus of EUR 73 million, compared with EUR 458 million a year earlier. The aggregate current account for the previous 12 months posted a deficit of EUR 4 billion.

  • In BOP terms, there was a surplus of EUR 118 million on the balance of trade.1
  • There was a deficit on the services account, in the amount of EUR 17 million.
  • The income account posted a surplus of EUR 106 million.
  • The current transfers account posted a deficit of EUR 134 million.

1 The data under ‘Goods’ in the balance of payments statistics differ from the National Board of Customs’ foreign trade statistics. Freight and insurance costs, which appear in BOP statistics as services expenditure, are deducted from the National Board of Customs’ cif-based goods imports. Goods produced in ports, including fuel, are added to both imports and exports.

Trade and current account

Financial account

There was a net inflow of capital in September, in the amount of EUR 0.3 billion.

  • There was a net outflow of EUR 0.6 billion in direct investment.
  • Portfolio investment was outward on net, in the amount of EUR 0.6 billion.
  • In other investment (loans, deposits and trade credits) there was a net inflow of capital, in the amount of EUR 0.7 billion.
Portfolio investments

Net international investment position at the end of September

The net international investment position at the end of September was positive, in the amount of EUR 18 billion.

  • Finnish residents’ foreign assets totalled EUR 734 billion.
  • Finnish residents’ foreign liabilities totalled EUR 716 billion.
  • The net international investment position excluding equity items was negative, in the amount of EUR 58 billion.
Net international investment position

 

Finland's balance of payments
Year 2011,
EUR million
August 2012,
EUR million
September 2012,
EUR million
12 month moving sum, EUR million
Current account -3,052 -22 73 -4,184
    Goods -1,436 120 118 -625
    Services 313 -27 -17 -882
    Income -286 19 106 -1,134
    Current transfers -1,643 -134 -134 -1,543
Capital account 198 17 17 198
Financial account 10,271 556 284 23,571
    Direct investment -1,578 568 -600 -1,447
    Portfolio investment 9,225 -3,447 -563 13,695
    Other investment 2,319 4,226 745 11,006
    Reserve assets -320 -448 244 -335
    Financial derivatives 624 -343 457 653
Errors and omissions -7,416 -551 -373 -19,585
The statistics become final more than two years after the end of the reference year.

More information Anne Turkkila tel. +358 10 831 2175, and Maria Huhtaniska-Montiel tel. +358 10 831 2534, email firstname.lastname(at)bof.fi

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