Finland’s Current Account Shows Shortfall of EUR 562 Million in May

Abu dhabi: Finland's current account balance swung to a deficit in May from a surplus in the previous year, data from Statistics Finland showed on Monday. The current account showed a shortfall of EUR 562 million in May versus a surplus of EUR 367 million in the corresponding month last year. In April, it was a deficit of EUR 2.2 billion.According to Emirates News Agency, the goods account surplus shrank to EUR 328 million from EUR 678 million last year, while the deficit in the service account balance widened to EUR 838 million from EUR 186 million. Data showed that the primary income account surplus was EUR 154 million, up from EUR 52 million. Meanwhile, the secondary income deficit rose to EUR 206 million from EUR 176 million.The 12-month moving total of the current account was EUR 3.1 billion in surplus. In May, net capital outflow from Finland to abroad amounted to EUR 2.5 billion, with net capital outflow marking the highest in the form of portfolio investments, at EUR 3.5 billion. At the same time , net capital inflow to Finland was highest in the form of other investments.