In this context Cyprus recorded a -€0.5 bn deficit in the current account balance and a €1.2 bn surplus in the trade in services balance. Greece recorded a -€2.6 bn deficit and €2.7 surplus respectively. 

In the fourth quarter of 2019 compared with the third quarter of 2019, based on seasonally adjusted data, the surplus of the goods account increased (+€83.4 bn compared to +€79.1 bn), while the surplus of the services account dropped (+€12.1 bn compared to +€35.3 bn). Surplus of the primary income account fell (+€10.8 bn compared to +€11.8 bn), while the deficit of the secondary income account grew (-€15.5 bn compared to -€14.1 bn). The deficit of the capital account increased (-€8.6 bn compared to -€2.5 bn).

In the fourth quarter of 2019, based on non-seasonally adjusted data, the EU27 recorded external current account surpluses with the USA (+€40.7 bn), Switzerland (+€19.7 bn), the United Kingdom (+€19.6 bn), Brazil (+€9.7 bn), Canada (+€8.5 bn), Hong Kong (+€4.3 bn), Japan (+€2.2 bn) and India (+€1.0 bn). Deficits were registered with China (-€19.7 bn), offshore financial centres (-€12.0 bn) and Russia (-€2.0 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU27 decreased in the fourth quarter of 2019 by €62.2 bn, while direct investment liabilities fell by €229.2 bn. As a result, the EU27 was a net direct investor to rest of the world in the fourth quarter of 2019 by €167.1 bn. Portfolio investment recorded a net outflow of €123.2 bn, while for other investment there was a net inflow of €27.4 bn.

As concerns the total (intra-EU plus extra-EU) current account balances of the EU27 Member States, based on available non-seasonally adjusted data, fifteen recorded surpluses, ten deficits and two were in balance in the fourth quarter of 2019. The highest surpluses were observed in Germany (+€68.6 bn), the Netherlands (+€30.6 bn), Italy (+€19.7 bn), France (+€8.5 bn) and Spain (+€8.1 bn), and the largest deficits in Ireland (-€28.4 bn), Greece (-€2.6 bn) and Romania (-€2.2 bn).

Source: CNA

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In a written statement CEO DP World Limassol, Nawaf Abdulla notes that “all trade enabling activities at the terminal are being carried out as normal.”
 
“We are actively monitoring the Coronavirus (COVID-19) situation and taking steps to ensure the continued safety of our community,” he says.
 
During this public health crisis, the collaboration between the Cyprus Government, business community and the public sector is absolutely essential and we are working closely with local stakeholders to achieve the best possible result, DP World Limassol`s CEO adds.
 
In order to protect our port community and those with whom they come in contact e.g. contractors, visitors and vessel crews etc., he continues, “we require that all entities based and operating at the terminal under DP World Limassol’s administration, comply fully with the issued guidelines from local authorities.”
 
He also informs that “all business travel has been cancelled, we are postponing all events, all meetings are held virtually where possible, we are providing remote-work solutions for those of our staff who can work at home and we continue to reinforce safe behaviour in every business and office environment, where we have implemented additional steps in line with local guidelines.”

“We are sourcing as many protective supplies as possible and we have protocols in place that activate closures, disinfection and appropriate quarantine procedures based on recommendations by the government and health agencies,” he notes.
 
“Currently, our main goal is to effectively protect our stakeholder community, while serving our customers in a safe manner and ensuring business operations continue to the benefit of the Cyprus economy,” he also notes.

Source: CNA

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