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Current account posts slight surplus in November 2009

Current account

The current account posted a surplus of EUR 0.3 billion in November 2009, compared with EUR 0.8 billion a year earlier. The current account surplus accrued since the beginning of the year (January – November) amounted to EUR 2.3 billion, whereas there had been a surplus of EUR 5.1 billion in the same period in 2008.

In BOP terms, there was a EUR 275 million surplus on goods in November. Both exports and imports declined by about a fifth from November 2008. The services account posted a surplus of EUR 149 million, and the current transfers account a surplus of EUR 7 million. The income account was in deficit by EUR 139 million.

Financial account and international investment position

Capital inflows in November exceeded outflows by EUR 0.9 billion in net terms. There was a net capital inflow of EUR 2.0 billion in portfolio investment, whereas direct investment recorded a capital outflow of EUR 0.8 billion and other investments (loans, deposits and trade credits) an outflow of EUR 0.1 billion. There was also a net capital outflow of EUR 0.2 billion from derivatives contracts.

At the end of November, Finnish residents’ foreign liabilities exceeded their foreign assets by EUR 9 billion. Gross assets amounted to EUR 439 billion, and gross liabilities to EUR 448 billion. The external liabilities of non-financial corporations, monetary financial institutions (MFIs), central government and local government exceeded their external assets. In contrast, the external assets of other financial institutions, employment pension funds and households exceeded their external liabilities. At the end of November, Finnish residents’ securities-based liabilities exceeded their securities-based assets by EUR 39 billion. Other liabilities (loans, deposits and trade credits) also exceeded assets, in the amount of EUR 7 billion. In contrast, direct investment assets exceeded liabilities by EUR 28 billion.

Excluding equity items, Finnish residents’ foreign liabilities exceeded their foreign assets by EUR 37 billion.

More information Anne Turkkila tel. +358 10 831 2175, e-mail firstname.surname(at)bof.fi

The next balance of payments bulletin will be published at 10 am on 15 February 2010.

The statistical data and graphics forming the basis of the press release are also available on the Bank of Finland’s website at http://www.bof.fi/en/tilastot/maksutase/index.htm.