Responsibility for the compilation of balance of payments was transferred from the Bank of Finland to Statistics Finland on 1 January 2014. During the transition period 1 January 2014 – 30 June 2014, monthly balance of payments releases will continue to be published via the Bank of Finland’s website. Balance of payments data published after the transition period will be posted on Statistics Finland’s website. Statistics Finland is responsible for the content of published releases and data figures.
As of July 11th 2014, Finland will publish its balance of payments data in accordance with the guidelines and recommendations of BPM6. At the same time, Finland will adopt the new ECB Guidelines and the European Union Regulations.
Here is a link to information on the changes that the new statistics standards cause in the compilation of balance of payments statistics: http://tilastokeskus.fi/til/maksutasetilastointi_en.html
Inward and outward portfolio investment decreased in 2013
Foreign investment in Finnish securities totalled EUR 10.5 bn in 2013, compared with porftolio investment inflows of EUR 25 bn in 2012. The decrease in foreign investors' investment in Finnish assets can mainly be attributed to reduced investment flows in bonds.
Finnish investors' portfolio investment in foreign securities amounted to EUR 7.9 bn in 2013, while investment outflows of EUR 15.8 bn were recorded in the previous year. Reduced outward investment flows into foreign debt securities were the main contributor to the decrease in foreign portfolio investment by Finnish investors.
Direct investment
In net terms, foreign direct investment (FDI) into Finland amounted to EUR -0.8 bn in 2013. This means that foreign investors' capital injections into Finnish enterprises lagged behind repatriations of capital. A year earlier Finland recorded a net FDI inflow of EUR 3.2 bn.
According to preliminary data, Finland’s FDI outflows amounted to EUR 3 bn in 2013, which was EUR 2.8 bn less than in the previous year.
At end-2013, Finnish residents' FDI claims totalled EUR 117.7 bn and FDI liabilities EUR 73.5 bn.
Current account
A current account deficit of EUR 2.1 bn was still recorded in 2013, but the deficit decreased from the previous year. In BOP terms, there was a surplus of EUR 0.1 bn in the balance of trade .
Foreign trade in services showed a surplus of EUR 0.4 bn on the back of a decrease in services import. The income account posted a deficit of EUR 0.5 bn. Net investment income outflows totalled EUR 0.6 billion.
Balance of payments in January 2014
Current accountIn January, a current account deficit of EUR 0.4 bn was recorded and, in balance of payments (BOP) terms, the trade account posted a deficit of EUR 0.3 bn. |
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Financial accountThere was net capital inflow of EUR 8 bn, consisting of:
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Net international investment position at end-JanuaryForeign assets exceeded foreign liabilities by EUR 23 bn.
Net international investment position – excluding equity items – was a negative EUR 69 bn. |
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Finland's balance of payments
| Year 2013, EUR million |
December 2013, EUR million |
January 2014, EUR million |
12 month moving sum, EUR million | |
| Current account | -2,078 | -739 | -376 | -2,177 |
| Goods | 130 | -403 | -251 | 23 |
| Services | 447 | 17 | 26 | 424 |
| Income | -535 | -265 | 92 | -550 |
| Current transfers | -2,120 | -88 | -242 | -2,074 |
| Capital account | 212 | 21 | 17 | 213 |
| Financial account | -698 | -5,233 | 8,075 | 3,761 |
| Direct investment | -3,841 | -1,160 | 247 | -4,639 |
| Portfolio investment | 2,578 | -8,963 | 6,439 | 3,638 |
| Other investment | -785 | 4,874 | 1,299 | 4,491 |
| Reserve assets | -768 | -299 | 40 | -612 |
| Financial derivatives | 2,118 | 315 | 49 | 884 |
| Errors and omissions | 2,563 | 5,951 | -7,717 | -1,797 |
More information: Mira Malhotra tel. +358 9 1734 3411, and Pauliina Turunen tel. +358 9 1734 2958, email firstname.lastname(at)stat.fi