OECD Current Accounts

Current Accounts.png

Current Account Balances as Pct of GDP, OECD Countries and Groups

Source: OECD.StatsExtracts

The financial crisis prompted a massive readjustment of the current account balances of the weak Euro Zone and EU countries, including in the Euro Zone, Greece, Spain, Portugal and Ireland.

The weak non-Euro Zone countries include Hungary, Slovakia, Iceland, Estonia, and Slovenia (the latter three of which joined the Euro from 2009).

The Northern Tier countries include Germany, Belgium, Austria, Luxembourg et al.  This group experienced little movement in current accounts.  As a group, they continue to post hefty surpluses.

The IMF's World Economic Outlook (Oct. 2014), Chapter 4, has a very nice analysis of developments in this regard.