EU current account deficit falls in last quarter of 2008

Special Report:Global Financial Crisis

BRUSSELS, Mar. 11 (Chinese media) -- The European Union's current account deficit fell drastically in the final quarter of last year over the previous quarter, first official estimate released here on Wednesday showed.

The EU's external current account recorded a deficit of 21.0 billion euros in the fourth quarter of 2008, higher than the 14.2 billion euros in the same period in 2007 but much lower than the 60.8 billion euros in the third quarter of 2008.

In the fourth quarter of 2008, the EU's external balance of trade in services recorded a surplus of 23.0 billion euros, compared with a surplus of 19.7 billion in the fourth quarter of 2007 and a surplus of 19.3 billion euros in the third quarter of 2008.

In the 15-nation euro zone, external current account deficit in the final quarter of 2008 was 14.6 billion euros, compared with a deficit of 12.7 billion euros in the previous quarter. The zone recorded a surplus of 10.6 billion euros in the final quarter of 2007.

The euro zone's external balance of trade in services post a surplus of 9 billion euros, down compared with the 11.2 billion euros in last three months in 2007 and the 15.3 billion euros in the third quarter of 2008.

The figures were released by the Eurostat, the Statistical Office of the European Communities.