Preliminary estimate of the Balance of Payments (September 2024)
Current account
The current account deficit widened to €2.8 billion in September 2024, from €2.6 billion in the previous month. This was mainly due to a wider deficit in the goods trade balance, which more than offset an improvement in the services balance.
The goods trade deficit widened to €3.2 billion in September 2024, from €3.0 billion in August 2024. This was due to a faster increase in imports (13.2%) than in exports (11.5%). The increase in imports was driven by higher imports of energy products, while the increase in exports was driven by higher exports of manufactured goods.
The services surplus increased to €1.4 billion in September 2024, from €1.3 billion in August 2024. This was due to a faster increase in exports of services (12.1%) than in imports of services (10.5%). The increase in exports of services was driven by higher exports of tourism services, while the increase in imports of services was driven by higher imports of transport and insurance services.
Capital and financial account
The capital and financial account recorded a net inflow of €1.2 billion in September 2024, compared to a net outflow of €0.5 billion in August 2024. This was mainly due to a larger net inflow of foreign direct investment.
The net inflow of foreign direct investment increased to €1.5 billion in September 2024, from €1.0 billion in August 2024. This was mainly due to a larger inflow of foreign direct investment in the non-financial sector.
The net outflow of portfolio investment increased to €0.3 billion in September 2024, from €0.2 billion in August 2024. This was mainly due to a larger outflow of portfolio investment in fixed income securities.
Overall balance
The overall balance of payments recorded a deficit of €1.6 billion in September 2024, compared to a deficit of €3.1 billion in August 2024. This was mainly due to a wider current account deficit, which was partly offset by a larger net inflow of capital and financial account.
Preliminary estimate of the Balance of Payments (September 2024)
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