The EU27 external current account recorded a deficit of 32.8 billion euro in the first quarter of 2011, compared with a deficit of 27.7 billion in the first quarter of 2010 and a deficit of 18.2 billion in the fourth quarter of 2010. The current account shows flows of goods, services, income and current transfers between resident and non-resident entities.

In addition, in the first quarter of 2011, the external balance of trade in services was in surplus by 19.2 billion euro, compared with a surplus of 11.5 billion in the first quarter of 2010 and a surplus of 20.8 billion in the fourth quarter of 2010. The estimation for the first quarter of 2011 indicates that the EU27 external balance of trade in goods was in deficit by 41.8 billion euro, compared with a deficit of 32.6 billion in the first quarter of 2010 and a deficit of 29.3 billion in the fourth quarter of 2010.

The data released by Eurostat, the statistical office of the European Union, are provisional and will be subject to revision. These data are based on figures provided by the Member States to Eurostat two months after the reference quarter, and should be considered as provisional. Eurostat will produce a second release once the quarterly data are transmitted to Eurostat, on a more detailed basis, three months after the reference quarter. Figures may also be subject to revision when data for later quarters are transmitted by the Member States. The second release for the first quarter of 2011 will be issued in July 2011.