The Dutch current account surplus fell5.4 billion guilders last year to a provisional 12.1 billion
guilders, the Finance Ministry said in a statement.
    The surplus is expected to fall further in 1987, the
statement said, but gave no details. Earlier today, the
official planning agency CPB said it expected the surplus to
fall to six billion guilders during 1987.
    The visible goods surplus excluding energy fell by 5.6
billion guilders in 1986 to 11.4 billion due to declining terms
of exchange, while more goods were imported as consumer
spending and investment increased.
    While the energy trade balance surplus rose by 5.4 billion
guilders, 4.7 billion of this gain was caused by temporary
improvements of terms of exchange and was aided by the delay
between the fall in oil and gas prices.
    The current account showed a 5.2 billion guilder deficit on
invisibles, compared with a balance in 1985, the Finance
Ministry said, noting the surplus on transport services was
reduced substantially due to the lower dollar and oil price
falls.
    The fourth quarter current account showed a deficit, for
the first time since 1980, of 700 mln guilders, it said.
 REUTER
