(BRUSSELS) - The European Union's current account deficit stood at 2.8 billion euros (4.5 billion dollars) in the final three months of 2007, official revised EU figures released Tuesday showed.

The deficit, revised sharply downwards from an initial estimate last month, was a great improvement on the 13.4-billion-euro deficit recorded for the same period in 2006, according to the figures from the EU's Eurostat data agency.

The original estimate for the fourth quarter had put the current account deficit as high as 19.0 billion euros.

The sharp downward revision was due largely to unexpectedly good figures on British revenue from foreign direct investments, a Eurostat spokesman said.

The revised figure for the third quarter of last year was increased to 21.2 billion euros.

For the 15-nation eurozone, which usually posts stronger figures, the current account was 11.0 billion in credit for the last three months of 2007, Eurostat said.

Further details - Eurostat

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