Balance of payments BPM6: Current account Debits: Services: Total Debits for the European Union
EU28B6DBSE01NCCUSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
229,512,500,000.00
Year-over-Year Change
23.80%
Date Range
1/1/1999 - 10/1/2019
Summary
This economic trend measures the total debits or outflows for services in the current account of the balance of payments for the European Union. It is a key indicator of cross-border trade and economic integration.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The balance of payments tracks a country's or economic area's international transactions, including trade, investment, and transfers. The current account services debits measure the outflows for services such as tourism, transportation, and business services, providing insight into the EU's international trade dynamics.
Methodology
This data is compiled by national statistical agencies and reported to Eurostat and the International Monetary Fund.
Historical Context
Policymakers and analysts use this metric to assess the EU's trade competitiveness and current account balance.
Key Facts
- The EU's total services debits were $1.1 trillion in 2021.
- Services account for about 60% of the EU's total current account debits.
- The EU runs a consistent services trade surplus, offsetting its goods trade deficit.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total debits or outflows for services in the current account of the European Union's balance of payments. It captures cross-border trade in services such as tourism, transportation, and business services.
Q: Why is this trend relevant for users or analysts?
A: The EU's services trade balance is an important indicator of the region's international competitiveness and economic integration. Policymakers and analysts use this metric to assess the EU's overall current account position and trade dynamics.
Q: How is this data collected or calculated?
A: This data is compiled by national statistical agencies in EU member states and reported to Eurostat and the International Monetary Fund.
Q: How is this trend used in economic policy?
A: Governments and policymakers monitor the EU's services trade balance to understand the bloc's international competitiveness and inform trade, investment, and regulatory policies.
Q: Are there update delays or limitations?
A: This data is typically published with a 3-6 month lag. The series may also be subject to periodic revisions by statistical agencies.
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Citation
U.S. Federal Reserve, Balance of payments BPM6: Current account Debits: Services: Total Debits for the European Union (EU28B6DBSE01NCCUSAQ), retrieved from FRED.