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The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €40.5 billion (1.0% of GDP) in the first quarter of 2019, up from a surplus of €40.2 billion (1.0% of GDP) in the fourth quarter of 2018 and down from a surplus of €58.3 billion (1.5% of GDP) in the first quarter of 2018, according to estimates released by Eurostat, the statistical office

of the European Union. In the first quarter of 2019 compared with the fourth quarter of 2018, based on seasonally adjusted data, the surpluses of the goods account (+€12.5 bn compared to +€11.3 bn), and the services account (+€48.6 bn compared to +€42.3 bn) both increased, while the deficit of the secondary income account decreased (-€20.6 bn compared to -€27.1 bn). The surplus of the primary income account fell (€0.0 bn compared to +€13.6 bn). The deficit of the capital account decreased (-€8.9 bn compared to -€54.8 bn).

Main partners.    In the first quarter of 2019, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+€53.5 bn), Switzerland (+€20.6 bn), Hong Kong (+€6.0 bn), Canada (+€5.1 bn), Brazil (+€2.5 bn) and Japan (+€0.3 bn). Deficits were registered with China (-€30.6 bn), Russia (-€13.2 bn), India (-€1.9 bn) and offshore financial centres (-€1.0 bn).

Financial account.   Based on non-seasonally adjusted data, direct investment assets of the EU28 increased in the first quarter of 2019 by €110.4 bn, while direct investment liabilities decreased by €1.1 bn. As a result, the EU28 was a net direct investor in the first quarter of 2019 by €111.5 bn. Portfolio investment recorded a net outflow of €16.2 bn, while for other investment there was a net inflow of €103.9 bn.

Current account of Member States (including intra-EU flows).    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, eight deficits and one was in balance in the first quarter of 2019. The highest surpluses were observed in Germany (+€67.2 bn), the Netherlands (+€18.1 bn), Sweden (+€6.0 bn), Austria (+€5.4 bn) and Italy (+€4.5 bn), and the largest deficits in the United Kingdom (-€37.1 bn), France (-€15.9 bn), Spain (-€5.5 bn) and Greece (-€3.7 bn).

France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom. The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. Offshore Financial Centres (OFC) is an aggregate which includes 40 countries. As examples, the aggregate contains financial centres such as Liechtenstein, Guernsey, Jersey, the Isle of Man, Andorra, Gibraltar, Panama, Bermuda, the Bahamas, the Cayman Islands, British Virgin Islands, Bahrain, Hong Kong, Singapore and the Philippines.