The current and capital account of the balance of payments ran a deficit of EUR 2.54bn in the first quarter of 2024, having worsened by EUR 0.36bn from the same period of the year before. This was mostly due to a fall of EUR 0.28bn in the positive balance in the services sub-account from the same quarter of the year before, primarily as a result of smaller revenues from manufacturing services on physical inputs, which were unusually high in the same quarter of the year before.
The financial account of the balance of payments recorded a negative balance of EUR 2.70bn (net capital inflow) in the first quarter of 2024, up from EUR –761m in the same quarter of the year before.
The net international investment position at the end of the first quarter of 2024 stood at EUR –18.43bn or –23.8% of GDP.