Sectoral balances of the eurozone

This afternoon I devoted to the sectoral balances of the eurozone. The current account is inverted, the public deficit a deficit and the private sector financial surplus a surplus. Some of the recent data is probably a forecast. I let the data speak for itself for now. Just one comment: the only country not able to run a consistent and significant surplus in the private sector is Greece. This is situation is hardly sustainable as debts are more easily repaid when a surplus exists. Continuation of the debt structure into the future is hence possible, but not likely.

Here the sectoral balances (in % of GDP; data from AMECO, more details below):

Germany

Ireland

France

Italy

Spain

Greece

Details about the AMECO data

The following are the data series that I used to compile I, G, T, EX and IM. S_p is retrieved through calculation S_p = I + G – T + EX – IM. (There is no reliable data for S_p.)

• 9.1 – EXPORTS OF GOODS AND SERVICES
  • At current prices (UXGS)

• 9.2 – IMPORTS OF GOODS AND SERVICES
  • At current prices (UMGS) 

• 16 – GENERAL GOVERNMENT (S13)
  • • 16.1 – REVENUE (ESA 2010)
      • Total revenue (TR) (URTG) 

• 16 – GENERAL GOVERNMENT (S13)
  • • 16.2 – EXPENDITURE (ESA 2010)
      • Total expenditure (TE) (UUTG) 

• 3 – CAPITAL FORMATION AND SAVING, TOTAL ECONOMY AND SECTORS
  • • 3.1 – GROSS FIXED CAPITAL FORMATION, TOTAL ECONOMY
      • At current prices (UIGT) 

There might be another, more direct, possibility, to get to the sectoral accounts, using exports and imports from above and then net financial saving of government, corporate and household sector:

14 – CORPORATIONS (S11 + S12)

14.1 – REVENUE

14.2 – EXPENDITURE

14.3 – BALANCES

Net lending (+) or net borrowing (-) (B9) (UBLC) 

 

15 – HOUSEHOLDS AND NPISH (S14 + S15)

15.1 – REVENUE

15.2 – EXPENDITURE

15.3 – BALANCES

Net lending (+) or net borrowing (-) (B9) (UBLH) 

 

16 – GENERAL GOVERNMENT (S13)

16.3 – NET LENDING (ESA 2010)

Net lending (B9) (UBLG) 

• 10 – BALANCES WITH THE REST OF THE WORLD
  • • 10.1 – BALANCES WITH THE REST OF THE WORLD, NATIONAL ACCOUNTS
      • Net lending (+) – net borrowing (-), total economy (UBLA)