EU-27 current account deficit fell to €128 bn in 2009

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