17 February 2017
The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €17.8 bn in
December 2016, compared with surpluses of €16.2 bn in November 2016 and €11.4 bn in December 2015,
according to estimates from Eurostat, the statistical office of the European Union.
In December 2016, compared with November 2016, based on seasonally adjusted data, the surplus of the goods
account increased (+€12.9 bn compared with +€10.4 bn), while the surplus of the services account dropped
(+€11.2 bn compared with +€12.1 bn). The surplus of the primary income account fell (+€0.0 bn compared with
+€0.4 bn) as did the deficit of the secondary income account (-€6.3 bn compared with -€6.6 bn).
The 12-month cumulated current account for the period ending in December 2016 recorded a surplus of €199.9 bn,
compared with €144.1 bn for the 12 months to December 2015. The surplus of the goods account for the same
period increased (+€148.5 bn compared with +€110.9 bn) and the deficit of the primary income account decreased
(-€10.0 bn compared with -€33.2 bn). The surplus of the services account fell (+€139.9 bn compared with +€142.9
bn) and the deficit of the secondary income account grew slightly (-€78.5 bn compared with -€76.5 bn).
These data are subject to revision.
Geographical coverage
The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, 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.
Methods and definitions
The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and services, as well as primary and secondary income.
In line with the agreed allocation of responsibility, the European Central Bank (ECB) is in charge of compiling and disseminating monthly and quarterly balance of payments and quarterly international investment position statistics for the euro area, while the European Commission (Eurostat) focuses on monthly, quarterly and annual aggregates of the EU. The aggregates for the euro area and the EU are compiled consistently on the basis of Member States' transactions with residents of countries outside the euro area and the European Union respectively.
Revisions and time table
The EU balance of payments estimates for the reference month are based on figures provided by the Member States to Eurostat 44 days after the end of the reference month, and should be considered as provisional. Figures may be subject to revision when data for later months are transmitted by the Member States. The publication timetable of balance of payments statistics for 2017 is available here.