Balance of payments, Third quarter 2009:
Lower corporate profits weakened current account
The balance of payments for the third quarter resulted in a surplus in the current account of SEK 53.1 billion. This is a decrease of about SEK 29 billion compared to the third quarter 2008. The weakening is foremost due to a decline in investment income and a receding trade.
Trade in goods weakened
The total net trade in goods and services amounted to SEK 48.3 billion during the third quarter. This is worse than both the previous quarter and the corresponding quarter of last year. It is mainly trade in goods that continues to decline. The value of exports and imports both decreased by approximately 18 percent since the corresponding quarter of 2008.
The travel item showed a net inflow for the first time after foreign travellers’ consumption while travelling in Sweden increased by 6 percent since the corresponding quarter of last year.
The financial crisis and strong downturn in the business cycle have brought about lowered corporate profits. This can be seen in the dividends for companies involved in direct investments that produced a net inflow of SEK 16.0 billion during the quarter. The total capital dividends generated a net inflow of SEK 16.2 billion during the quarter, which can be compared to SEK 37.3 billion in the corresponding quarter of last year.
Large net outflow in the financial account
The financial account resulted in a net outflow of roughly SEK 174.7, of which direct investments accounted for the largest net outflow of SEK 98.3 billion. Vattenfall AB acquired the Dutch energy company Nuon during the third quarter, which contributed to the large net outflow. Other investments also resulted in large net outflows of roughly SEK 78.9 billion. It was mainly the larger Swedish banks that also continued to generate capital outflows in the third quarter, which is due to the decreased borrowing abroad.