Euro area quarterly balance of payments and international investment position
• The current account of the euro area showed a surplus of €376bn (3.3% of euro area GDP) in the four quarters to the third quarter of 2018, compared with a surplus of €347bn (3.1% of euro area GDP) a year earlier
• As regards geographic counterparts, in the four quarters to the third quarter of 2018 the euro area current account recorded the largest bilateral surpluses vis-à-vis the United Kingdom (€147bn, declining from €165 bn a year earlier) and the United States (€124bn, increasing from €89bn), while the largest deficit was registered vis-à-vis China (€67bn, declining from €74bn).
• At the end of the third quarter of 2018 the international investment position of the euro area recorded net liabilities of €593bn (around 5% of euro area GDP), compared with net liabilities of €670bn at the end of the previous quarter.
