EU-27 current account deficit fell to EUR 128 bn in 2009 - Issue number 32/2010 - Products Statistics in Focus

First estimates of the EU-27 current account balance in 2009 put the deficit at EUR 128 billion, or 1.1 % of GDP, down from EUR 243 billion (1.9 % of GDP) in 2008. The main reason was the substantial fall in the deficit in the goods account, from EUR 205 billion to EUR 87 billion (1.6 % and 0.7 % of GDP respectively). The surplus in the services account decreased compared with 2008 from EUR 86 billion to EUR 65 billion. The deficit in the income account fell from EUR 67 billion to EUR 46 billion while current transfers remained stable. Switzerland and China were in 2009 respectively the EU's main net debtor and net creditor.