The current account was in deficit in the first quarter of 2024

Current account and capital account

In the first quarter of 2024, the current account showed a deficit of EUR 1.1 billion. The balance of goods and services was EUR 1.8 billion in deficit. Of the sub-items of the current account, the primary income account was EUR 1.0 billion in surplus and the secondary income account was EUR 0.3 billion in deficit. The 4-quarter moving total of the current account was EUR 4.0 billion in deficit.

The capital account was EUR 0.1 billion in deficit in the first quarter of 2024.

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Goods and services

The goods account in balance of payment terms weakened by EUR 1.8 billion from previous year and was EUR 0.2 billion in surplus in the first quarter of 2024. The service account was EUR 2.0 billion in deficit.

The value of goods exports in balance of payments terms fell by 18 % year-on-year and was EUR 17.4 billion. The value of goods imports in balance of payments terms fell by 11 % year-on-year to EUR 17.2 billion. The value of service exports in balance of payments terms grew by 3 % year-on-year and was EUR 8.2 billion. The value of service imports in balance of payments terms remained at the same level as the previous year at EUR 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.

Primary and secondary income accounts

A total of EUR 1.0 billion were paid in primary income on net to Finland in the first quarter of 2024. Primary income paid to Finland from abroad was EUR 7.1 billion while primary income paid from Finland to abroad was EUR 6.1 billion.

The majority of primary income was in the form of property income. In the first quarter of 2024 net property income paid to Finland amounted to EUR 0.9 billion. Property income paid to Finland from abroad was EUR 6.8 billion and property income paid abroad from Finland was EUR 5.9 billion.

The secondary income account was EUR 0.3 billion in deficit.

Net international investment position

In the first quarter of 2024, Finland had EUR 957.7 billion in gross foreign assets and EUR 911.9 billion in gross foreign liabilities. The net international investment position, i. e. the difference between the stock of assets and liabilities was EUR 45.7 billion. The net international investment position strengthened from the previous quarter by EUR 19.0 billion.

Examined by type of investment, the majority of foreign assets were in the form of portfolio investments in the first quarter of 2024 (EUR 465.0 billion). Respectively, the share of portfolio investments was also highest in foreign liabilities (EUR 462.9 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 49.9 billion). Correspondingly, the largest net liabilities can be found in other investments (EUR 15.2 billion).

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Financial account

Net capital inflow to Finland from abroad amounted to EUR 0.6 billion in the first quarter. Of the functional categories of the financial account, net capital inflow was highest in the form of other investments (EUR 4.0 billion). Net capital outflow from Finland to abroad was highest in the form of portfolio investments (EUR 5.7 billion).

Net international investment position by sector

Looking into the net international investment position by sector, net assets exceeding EUR 50 billion were held by employment pension schemes (EUR 203.3 billion), collective investment schemes, excl. money market funds (EUR 81.9 billion) and central bank (EUR 76.7 billion). Correspondingly, net foreign liabilities surpassing EUR 50 billion were held by other monetary financial institutions (EUR 171.9 billion), central government (EUR 88.6 billion) and nonfinancial corporations (EUR 79.4 billion).