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Published: 30 September 2015

Current account deficit contracted. Exports remained sluggish

The current account remained in deficit in 2014 regardless of the surplus in goods trade and the primary income account. Exports remained sluggish. Goods imports in balance of payment terms continued to fall.  Finland's net international investment position declined. The data appear from Statistics Finland's statistics on balance of payments and international investment position.

Current account

The current account showed a deficit of EUR 1.8 billion in 2014. The current account deficit was a result of the deficit in the services account and the secondary income account. The deficit of the services account was EUR 1.8 billion and that of the secondary income account EUR 2.4 billion. Goods account was EUR 1.3 billion in surplus and the primary income account EUR 1.1 billion in surplus. Goods exports in balance of payment terms in 2014 amounted to EUR 57.2 billion and imports to EUR 55.9 billion. Exports of goods trade grew by 0.7 per cent from goods exports in 2013, while imports contracted by 1.2 per cent. From 2008, goods exports in balance of payments terms have fallen by as much as 12 per cent and goods imports in balance of payments terms by 4 per cent.

Current account balances 2006–2014, EUR billion

Financial account and international investment position

Net capital inflow to Finland was EUR 8.4 billion, that is, the investment flow from abroad to Finland was greater than investments from Finland to abroad. The net international investment position was EUR -8.2 billion at the end of 2014, having been EUR 7.1 billion positive one year earlier. In addition to financial transactions, the exchange rate and other valuation changes lowered the net international investment position. The net international investment position has been falling since 2010.

Portfolio investments

The net flow of Finland's outward investments directed to foreign securities, that is, the difference between sales and purchases totalled EUR 13.5 billion in 2014. Social security funds (particularly employment pension schemes) increased their foreign investments by EUR 3.9 billion, most of which were investments in mutual fund shares.

Direct investments

Examined in gross, direct investment assets continued fell, as in previous year. Before that, the assets grew for several years. In 2014, liabilities grew by EUR 13.2 billion. The net direct investment assets halved in 2014 to EUR 19.3 billion. In 2014, Finland's returns on inward FDI amounted to EUR 8.5 billion, which is clearly more than in the previous year.

Source: Balance of payments and international investment position, Statistics Finland

Inquiries: Mira Malhotra 029 551 3411, Tapio Kuusisto 029 551 3318, balanceofpayments@stat.fi.

Director in charge: Ville Vertanen

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Reviews

• 1. Current account deficit contracted. Exports remained sluggish compared to the top years (30.9.2015)

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Appendix tables

• Appendix table 1. External assets by investment type, stock, EUR million (30.9.2015)
• Appendix table 2. External assets and liabilities by investment type, stock, EUR million (30.9.2015)
• Appendix table 3. Current account by country breakdown, EUR million (30.9.2015)

Revisions in these statistics

• Revisions in these statistics (30.9.2015)

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Updated 30.9.2015