Table 1: Current account of the euro area

(EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

	Cumulated figures for the four-quarter period ending in						Q1 2016			Q1 2017
	Q1 2016			Q1 2017
	Net	Credit	Debit	Net	Credit	Debit	Net	Credit	Debit	Net	Credit	Debit
Current account	348.2	3,618.3	3,270.0	374.1	3,728.0	3,354.0	68.6	853.9	785.3	69.8	933.6	863.8
Percentage of GDP1	3.3	34.3	31.0	3.5	34.4	31.0	-	-	-	-	-	-
Goods	357.7	2,105.1	1,747.4	366.4	2,171.8	1,805.4	81.4	503.5	422.2	71.8	557.5	485.7
of which: General merchandise	330.4	2,038.5	1,708.1	340.2	2,103.1	1,762.9	76.4	489.4	413.0	66.4	540.4	474.0
Services	69.8	780.9	711.1	46.7	799.2	752.5	9.6	178.8	169.3	11.6	192.2	180.7
Transport	9.4	132.0	122.6	7.5	130.1	122.5	0.6	29.7	29.1	1.5	32.3	30.9
Travel	24.8	123.7	98.9	24.7	127.9	103.2	2.1	22.7	20.6	2.8	24.2	21.5
Insurance, pension and financial services	21.0	89.9	69.0	19.0	90.5	71.5	3.9	21.4	17.5	4.0	23.7	19.7
Telecommunication, computer and information services	60.8	107.0	46.2	66.8	116.3	49.5	14.6	26.3	11.7	17.0	28.9	11.9
Other business services	-14.3	205.9	220.2	-41.9	210.1	252.0	-2.2	49.0	51.2	-6.1	51.0	57.1
Other	-32.0	122.3	154.2	-29.5	124.3	153.8	-9.4	29.8	39.2	-7.6	32.0	39.6
Primary income	50.1	625.8	575.7	90.5	646.4	555.8	24.3	145.4	121.1	24.6	158.0	133.4
Compensation of employees	20.9	37.3	16.5	21.5	38.5	17.0	5.9	9.3	3.3	6.1	9.6	3.5
Investment income	18.3	558.6	540.3	55.8	569.1	513.3	16.5	129.9	113.4	16.8	141.7	124.8
Direct investment	101.3	332.7	231.3	125.9	344.6	218.7	28.8	77.3	48.5	23.4	84.2	60.9
of which: Reinvested earnings	-12.9	36.4	49.3	4.9	30.4	25.5	8.2	19.0	10.8	3.4	26.3	22.9
Portfolio investment	-83.8	183.7	267.6	-73.9	178.8	252.7	-12.3	42.5	54.8	-8.8	43.9	52.7
Dividends	-0.7	65.4	66.1	-3.1	61.2	64.4	5.4	14.2	8.7	4.9	13.9	9.0
Income on investment fund shares	-82.1	4.8	87.0	-74.3	5.1	79.5	-16.8	1.1	17.9	-16.8	1.2	18.0
Interest	-1.0	113.5	114.5	3.5	112.4	108.8	-0.9	27.2	28.1	3.1	28.8	25.6
Other investment	-2.0	39.4	41.4	0.8	42.7	41.9	-0.8	9.4	10.1	1.4	12.7	11.3
of which: interest	-0.6	35.3	35.8	2.3	38.7	36.4	-0.2	8.5	8.7	1.7	11.6	9.9
Reserve assets		2.8			3.1			0.7			0.9
Other primary income	10.9	29.8	18.9	13.3	38.8	25.5	1.9	6.3	4.3	1.7	6.8	5.1
Secondary income	-129.4	106.5	235.9	-129.5	110.7	240.2	-46.6	26.2	72.8	-38.2	25.8	64.0
1)Four-quarter cumulated sums of non-working day and non-seasonally adjusted GDP.
Source: ECB.