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European deficit falls over quarter

The current account deficit of the 27 largest countries in the European Union (EU27) reached 58.6 billion (50.65 billion) in the first quarter of this year, Eurostat, the statistical office of the European Union, estimates.

The deficit is still higher than it was in the same period last year, when it stood at 46.2 billion, but is lower than in the fourth quarter when it peaked at 68.3 billion.

In the first quarter of 2009, the EU27 external account recorded a surplus with Switzerland (up 8.2 billion), Canada (up 1.9 billion), Hong Kong (up 1.7 billion) and Brazil (up 0.3 billion). Deficits were highest with China (down 32.8 billion), Russia (down 6.4 billion), Japan (down 6 billion), America (down 2.1 billion) and India (down 0.9 billion).


Upbeat reports on Asia

The Asian Development Bank (ADB) says emerging East Asian economies could bounce back to strong growth next year.ADB said in its Asia Economic Monitor report that the sharp dip in growth in 2009 may well reverse strongly in larger East Asian countries where major fiscal packages were brought in to combat the downturn. This particularly […]

Public confused by wide choice

FSA chairman Lord Turner may have signalled a change of direction in conduct of business regulation last week when he questioned whether consumers have too much investment choice.


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