The current account was in deficit in the second quarter of 2024
Change
According to Statistics Finland, the current account was EUR 2.0 billion in deficit in the second quarter of 2024. The value of goods and services exports in balance of payments terms increased by 1 % year-on-year. The value of goods and services imports decreased by 2 %. The primary income account was EUR 2.2 billion in deficit. The net international investment position weakened compared to the previous quarter.
Key selections
- The balance of goods and services showed a surplus of EUR 0.9 billion in second quarter of 2024.
- The value of goods exports in balance of payments terms grew by 18 % from previous quarter.
- The goods account in balance of payment terms was EUR 2.3 billion in surplus.
- The services account strengthened by EUR 1.0 billion from previous year and was EUR 1.4 billion in deficit.
- The net international investment position weakened compared to the previous quarter.
Current account and capital account
In the second quarter of 2024, the current account showed a deficit of EUR 2.0 billion. The balance of goods and services was EUR 0.9 billion in surplus. Of the sub-items of the current account, the primary income account was EUR 2.2 billion in deficit and the secondary income account was EUR 0.6 billion in deficit. The 4-quarter moving total of the current account was EUR 0.6 billion in deficit.
The capital account was EUR 0.1 billion in deficit in the second quarter of 2024.
Goods and services
The goods account in balance of payment terms remained at the same level from previous year and was EUR 2.3 billion in surplus in the second quarter of 2024. The service account was EUR 1.4 billion in deficit.
The value of both goods exports and imports in balance of payments terms fell by 3 % year-on-year. The value of goods exports was EUR 20.6 billion and the value of imports amounted to EUR 18.3 billion. The value of service exports in balance of payments terms grew by 13 % year-on-year and was EUR 9.0 billion. The value of service imports in balance of payments terms remained at the same level as the previous year at EUR 10.4 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 2.2 billion were paid in primary income on net from Finland to abroad in the second quarter of 2024. Primary income paid to Finland from abroad was EUR 7.8 billion while primary income paid from Finland to abroad was EUR 10.0 billion.
The majority of primary income was in the form of investment income. In the second quarter of 2024 net investment income paid from Finland to abroad amounted to EUR 2.3 billion. Investment income paid to Finland from abroad was EUR 7.5 billion and investment income paid abroad from Finland was EUR 9.8 billion.
The secondary income account was EUR 0.6 billion in deficit.
Net international investment position
In the second quarter of 2024, Finland had EUR 941.5 billion in gross foreign assets and EUR 894.7 billion in gross foreign liabilities. The net international investment position, i. e. the difference between the stock of assets and liabilities was EUR 46.8 billion. The net international investment position weakened from the previous quarter by EUR 5.8 billion.
Examined by type of investment, the majority of foreign assets were in the form of portfolio investments in the second quarter of 2024 (EUR 478.4 billion). Respectively, the share of portfolio investments was also highest in foreign liabilities (EUR 482.0 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 55.9 billion). Correspondingly, the largest net liabilities can be found in other investments (EUR 12.7 billion).
Financial account
Net capital inflow to Finland from abroad amounted to EUR 0.9 billion in the second quarter. Of the functional categories of the financial account, net capital inflow was highest in the form of portfolio investments (EUR 2.4 billion). Net capital outflow from Finland to abroad was highest in the form of other investments (EUR 1.0 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 206.0 billion), collective investment schemes, excl. money market funds (EUR 85.0 billion) and central bank (EUR 70.5 billion). Correspondingly, net foreign liabilities surpassing EUR 50 billion were held by other monetary financial institutions (EUR 171.6 billion), central government (EUR 92.4 billion) and nonfinancial corporations (EUR 82.3 billion).
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