-0.2 billion for Cyprus
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A surplus of €10.5 billion (0.3% of EU GDP) recorded the seasonally adjusted current account balance of the European Union in the 4th quarter of 2022, compared to a deficit of €80.4 billion (-2.0% of GDP) recorded in the 3rd quarter of 2022 and the surplus of 67.2 billion euros (+1.8% of GDP) in the 4th quarter of 2021, according to estimates published by Eurostat, the statistical office of the European Union.
In Cyprus in the 4th quarter of 2022 a small current account deficit was recorded at -0.2 billion euros, as well as a surplus in services trade (+1.5 billion euros).
Compared to Q3 2022, the goods deficit in the EU decreased in Q4 (-€17.5 billion against -€74.1 billion), while the services surplus increased (+64.2 billion euros compared to +20.6 billion euros). The deficit of the balance of primary incomes increased (-11.3 billion euros against -5.5 billion euros), as did the deficit of the balance of secondary incomes (-25.0 billion euros against -21.5 billion euros). Over the same period, the capital account deficit decreased (-€1.0 billion against -€7.1 billion).
Regarding the EU's main partners, in the 4th quarter of 2022 the EU recorded external current account surpluses with the United Kingdom (+€38.0 billion), Switzerland (+€28.5 billion), Canada ( +16.0 billion euros), the USA (+9.5 billion euros), Hong Kong (+7.5 billion euros), Japan (+5.6 billion euros), offshore financial centers (+5, 5 billion euros) and India (+2.4 billion euros). Deficits were recorded with China (-57.7 billion euros), Russia (-13.0 billion euros) and Brazil (-3.1 billion euros).
In terms of the financial balance, EU direct investment assets fell in the fourth quarter of 2022 by €376.4 billion and direct investment liabilities fell by €389.9 billion. As a result, the EU was a net direct investor to the rest of the world by €13.6 billion. At the same time, portfolio investments recorded a net inflow of 25.6 billion euros, while other investments recorded a net outflow of 26.3 billion euros.
As regards the total current account balance (within and non-EU) of EU Member States, based on available non-seasonally adjusted data, nine Member States recorded surpluses, sixteen Member States recorded deficits and two Member States had a balanced current account in the fourth quarter of 2022.
< p class="text-paragraph">The highest surpluses were observed in Germany (+€53.1 billion), Ireland (+€15.8 billion), Denmark (+€12.3 billion), Sweden (+ 7.8 billion euros), Spain (+7.0 billion euros), as well as the Netherlands (+4.3 billion euros) and Italy (+3.0 billion euros).
The largest deficits were recorded for Greece (-9.2 billion euros), France (-6.7 billion euros), Romania (-5.9 billion euros), Hungary (-4 .7 billion euros) and the Czech Republic (-3.4 billion euros).
