The current account was in deficit in the first quarter of 2023

Current account

In the first quarter of 2023 the current account was EUR 1.2 billion in deficit. The 4-quarter moving total of the current account was EUR 8.4 billion in deficit. The balance of goods and services was EUR 0.9 billion in deficit. Of the sub-items of the current account the primary income account was EUR 0.1 billion in surplus and the secondary income account was EUR 0.4 billion in deficit.

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Goods and services

The goods account in balance of payment terms was in surplus by EUR 1.4 billion in the first quarter. In the corresponding quarter of the previous year, the balance of trade was EUR 1.4 billion in deficit. The services account was EUR 2.2 billion in deficit in the first quarter of 2023.

The value of goods exports in balance of payments terms increased by 6 % year-to-year and was EUR 20.6 billion. The value of goods imports in balance of payments terms decreased by 8 % year-on-year to EUR 19.3 billion. The value of service exports increased by 6 % year-on-year and was EUR 7.7 billion and the value of service imports rose by 19 % year-on-year to 10.0 billion.

More detailed import and export figures in balance of payments terms by service item and area can be found in the statistics on international trade in goods and services starting from 2015. Decreases and increases made to the Finnish Customs figures, which result in goods trade in balance of payments terms are also elaborated in the statistics on international trade in goods and services.

The primary income account

A total of EUR 0.1 billion were paid in primary income on net to Finland in the first quarter of 2023. Primary income paid abroad from Finland was EUR 5,7 billion, while primary income paid from abroad to Finland was EUR 5,8 billion,

The majority of primary income was in the form of property income. In the first quarter of 2023 net property income paid to Finland amounted to EUR 0.1 billion. Property income paid to Finland from abroad was EUR 5.5 billion and property income paid abroad from Finland was EUR 5.4 billion.

The secondary income account was EUR 0.4 billion in deficit in the first quarter of 2023.

Financial account and net international investment position

In the first quarter of 2023, Finland had EUR 914,2 billion in gross foreign assets and EUR 921.9 billion in gross foreign liabilities. The net international investment position, i.e. the difference between assets and liabilities was -7.7 billion euros.

The net international investment position strengthened from the previous quarter by EUR 1.8 billion. The stock of assets and liabilities both rose by 3 %. Examined by type of investment, the majority of foreign assets were in the form of portfolio investments in the first quarter of 2023 which amounted to EUR 411.8 billion. Respectively, the share of portfolio investments were also highest in foreign liabilities (EUR 455.3 billion).

When examining the net international investment position by type of investment, it can be seen that the biggest net assets were in direct investments (EUR 39.2 billion). Correspondingly, the largest net liabilities can be found in portfolio investments (EUR 43.4 billion).

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Financial account

In the first quarter net capital inflow to Finland from abroad amounted to EUR 4.2 billion. Of the functional categories of the financial account, the largest net capital inflow was in the form of other investments, EUR 8.3 billion. The largest net capital outflow from Finland was in the form of portfolio investments.

Looking at the net international investment position by sector, net assets exceeding EUR 50 billion were held by social security funds (EUR 184.1 billion), collective investment schemes (EUR 67.8 billion) and central bank (EUR 79.4 billion). Correspondingly, net foreign liabilities surpassing EUR 50 billion were held by other monetary financial institutions (EUR 178.1 billion), non-financial corporations (EUR 107.3 billion) and central government (EUR 71.4 billion).