Finland's current account in deficit of 1.2 billion in March

Finland's current account was in deficit in March. The value of exports of goods in balance of payments terms decreased by 8% from twelve months back. The financial account was in balance, according to Statistics Finland's statistics on balance of payments and international investment position.

The current account, which records the country's transactions with the rest of the world, including the goods and services trade, was 1.2 billion euros in deficit in March. The 12-month moving total of the current account was 3.3 billion euros in deficit.

Components of the current account

Of the sub-items of the current account, the goods account in balance of payment terms was 0.2 billion euros in surplus. The value of goods exports in balance of payments terms declined by 8% year-on-year and totaled 5 billion euros.

The value of goods imports in balance of payments terms declined by 7% year-on-year and totaled 4.9 billion euros.

The service account showed a deficit of 0.4 billion euros. Service exports amounted to 2.1 billion euros and service imports to 2.5 billion euros. Service exports decreased by 9% and service imports by 4% from twelve months back.

The primary income account was 0.7 billion euros in deficit. The primary income account includes investment income like interests and dividends. The secondary income account was 0.3 billion euros in deficit.

Source: Statistics Finland.

The financial account

In March, the financial account, which measures international ownership of assets, was in balance. The 12-month moving total of the financial account was 0.6 billion euros positive.

Of the sub-items of the financial account, net capital outflow was mostly in the form of other investments and direct investments.

Net capital inflow was mainly in the form of financial derivatives, portfolio investments and reserve assets.