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

Current account

In the second quarter of 2023 the current account was EUR 3.3 billion in deficit. The 4-quarter moving total of the current account was EUR 3.2 billion in deficit. The balance of goods and services was EUR 0.7 billion in deficit. Of the sub-items of the current account the primary income account was EUR 2.0 billion in deficit and the secondary income account was EUR 0.6 billion in deficit.

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Goods and services

The goods account in balance of payment terms was EUR 1.9 billion in surplus in the second quarter. In the corresponding quarter of the previous year, the balance of trade was EUR 0.3 billion in deficit. The services account was EUR 2.6 billion in deficit in the second quarter of 2023.

The value of goods exports in balance of payments terms decreased by 9 % year-to-year and was EUR 20.7 billion. The value of goods imports in balance of payments terms decreased by 19 % year-on-year to EUR 18.8 billion. The value of service exports decreased by 4 % year-on-year and was EUR 7.5 billion. In the same period, the value of service imports rose by 4 % year-on-year to 10.2 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 2.0 billion were paid in primary income on net from Finland in the second quarter of 2023. Primary income paid abroad from Finland was EUR 9,0 billion while primary income paid from abroad to Finland was EUR 6,9 billion.

The majority of primary income was in the form of property income. In the second quarter of 2023 net property income paid to Finland amounted to EUR 2.1 billion. Property income paid to Finland from abroad was EUR 6.6 billion and property income paid abroad from Finland was EUR 8.7 billion.

The secondary income account was EUR 0.6 billion in deficit in the second quarter of 2023.

Financial account and net international investment position

In the second quarter of 2023, Finland had EUR 933,6 billion in gross foreign assets and EUR 925.0 billion in gross foreign liabilities. The net international investment position, i. e. the difference between the stock of assets and liabilities was EUR 8.6 billion.

The net international investment position strengthened from the previous quarter by EUR 7.2 billion. The stock of assets and liabilities both rose by 1 %. Examined by type of investment, the majority of foreign assets were in the form of portfolio investments in the second quarter of 2023 (EUR 422.9 billion). Respectively, the share of portfolio investments was also highest in foreign liabilities (EUR 453.5 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 47.4 billion). Correspondingly, the largest net liabilities can be found in portfolio investments (EUR 30.6 billion).

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Financial account

In the second quarter net capital inflow to Finland from abroad amounted to EUR 4.1 billion. Of the functional categories of the financial account, net capital inflow was highest in the form of portfolio investments (EUR 2.9 billion). Net capital outflow from Finland was highest in the form of direct investments (1.6 billion).

Net international investment position by sector

Looking at the net international investment position by sector, net assets exceeding EUR 50 billion were held by social security funds (EUR 188.4 billion), central bank (EUR 80.8 billion) and collective investment schemes (EUR 70.5 billion). Correspondingly, net foreign liabilities surpassing EUR 50 billion were held by other monetary financial institutions (EUR 186.5 billion), non-financial corporations (EUR 90.3 billion) and central government (EUR 74.6 billion).