Balance of payments of Luxembourg during the first three quarters of year 2017
The Central Bank of Luxembourg (BCL) and STATEC inform that the current account recorded a surplus of 2.6 billion euros in the first three quarters of 2017, compared to 3.2 billion euros in the same period of 2016.
The deficit (negative balance) of the transactions on goods increased from 2.3 billion euros in the first 9 months of 2016 to 2.9 billion euros in the same period of 2017. This evolution was mainly due to a value increase of imports of raw materials, energy products and capital goods (launch of 2 satellites in March and May 2017, no launch during 2016).
Net exports of services, both financial and non-financial, increased in the first three quarters of 2017. The international trade in services balance for the first 9 months of 2017 amounts to 17.3 billion euros, increasing by nearly 1.2 billion or more than 7% compared to same period in 2016. This improvement, however, did not completely erase the widening of the primary income deficit. The former is related to compensation of employees and investment income.
In the financial account, direct investment flows were dominated by a few disinvestment transactions that resulted in net inflows of 46 billion euros during the first three quarters of year 2017. These net inflows were fully offset by outflows in the other investments (loans and traditional deposits). As a result, financial transactions globally recorded net capital outflows of 2.4 billion euros in the first nine months of 2017, compared to net outflows of 3.5 billion euros in the same period of 2016.
Detailed statistical tables are available on BCL’s website (www.bcl.lu) as well as on the website of STATEC (www.statistiques.lu).